Crypto-crook Sam Bankman-Fried gets 25 years of three hots and a cot for massive Ponzi scheme

30
680

The up-and-coming crypto coin king who financed Democrat campaigns with his ill-gotten gains was sentenced on Thursday to 25 years in prison for fraud. His sentence could have gone as much as 110 years for his crimes.

Bankman-Fried was the founder of FTX, a crypto currency trading platform, and he founded Alameda Partners. The money flowed back and forth between the entities and he took the profits and donated them to groups like the Alaska Democratic Party, and even to the campaign of Sen. Lisa Murkowski. Rep. Mary Peltola’s campaign received Bankman-Fried’s help with passthrough money from the Alaska Democratic Party.

He was the wonder-child of the new invisible currency until it all caught up with him and he was convicted for stealing $8 billion from his customers.

Ultimately, the U.S. Justice Department dropped the campaign finance charges against him. To do so would have ensnared half of Congress and the Democratic Party itself.

30 COMMENTS

  1. Probably too early to announce his suicide in his solitary confinement cell. They’ve probably got the press release written already though…just need to add the date. This guy has to have dirt on a lot of Democrats and they didn’t save him. Who knows though? With $8 billion he wasn’t smart enough to prep a nice estate in a non-extradition country so he might have given his blackmail files to the wrong person for safekeeping. Maybe that person has a nice estate in a non-extradition country…

    • “Duh… I dunno nuffin about block chain algorithms.” If you understood, you would know a bit coin is far more secure in value than the fiat dollar currency you currently hold in your pocket. They can’t just keep printing bit coins.

  2. Across state prisons, time spent before initial release for murder: median-17.5yrs, mean-17.8yrs. Degrees of murder not specified. Source: Bureau of Justice Statistics, National Corrections Reporting Program, 2018.

    Sam Fried stole $8B to get 25yrs => 1yr for every $320MM stolen. Bernie Madoff stole $65B for 150yrs => 1yr for every $433MM stolen. Bernie got the better deal per dollar stolen.

        • Madoff was 71 when he was convicted. A 25 year sentence similar to Bankman’s would have been a life sentence and when that’s the case, sentence as freely as you like; he’s dying in prison either way.

          And he did.

  3. “Ultimately, the U.S. Justice Department dropped the campaign finance charges against him. To do so would have ensnared half of Congress and the Democratic Party itself.” So if you commit big white-collar crimes you can avoid federal prosecution by involving (make payments to) Democrat politicians. What a crooked system we have ended up with.

  4. He will be pardoned. Hopefully this year, because Trump is the incoming POTUS. Hopefully the parents are convictd or their role, but since they are loyal Leftists they will probably skate.

  5. Fried is exempt from military service! Him and all his Rothschild followers are! Only the real tribal Jewish people have to serve!

  6. Crime pays.

    This is on a different scale but similar to the Garrett Elder debacle. You will recall him as the local POS that stole roughly $30mm in the process of devastating more than 177 Alaska families. You know Elder ratholed a portion of that money away and that the Fed looked for it until it became challenging to trace and then ran off in another direction stating that “he’s agreed to help us find the rest” when in fact that’s not true. His time requirement is 8.5 years and no more regardless of any assistance he may or may not lend and expecting generous behavior from a snake has a predictable outcome.

    The judge in that case introduced reasons during the sentencing hearing to support his willingness to be revoltingly light on crime, mumbling on multiple occasions either that he had no experience in similar crimes before and that he also liked to be lenient on the criminals he typically saw as many had had poor upbringings or similar justification for being miscreants on a felonious scale.

    The woman that runs the prosecution group in Alaska, S Lane Tucker did nothing aside from make excuses in the aftermath of the disaster for what everyone realized was poor performance and injustice.

    The prosecutor’s grasp at discipline was so weak that even a judge widely known for being light on crime said something along the lines of ‘dang, how’d you come up w/ these numbers?’

    The defense quoted a lie in his brief as if it were factual and the entire process was an embarrassing array of government functionaries cavorting as esteemed colleagues angling for better future incomes wherein ineffective prosecution results in a conviction on a resume’ which is their stock in trade toward a better job title and greater income.

    In Garrett Elder’s case crime did pay and more specifically he rec’d a 10 year sentence which is Fed speak for 8.5 years. The message the Fed sent was that crime paid more than $3mm per year when in fact the devastation each of these sheisters has caused merits complete and permanent sequester from free society.

    If anyone expected justice in the Bankman case they were mistaken. Here’s how it’s supposed to work:

    – Lou Pearlman, Ponzi Criminal
    Died in Federal Prison

    – Scott Rothstein, Ponzi Criminal
    Will die in Federal Prison

    – Tom Petters, Ponzi Criminal
    Will die in Federal Prison

    – R. Allen Stanford, Ponzi Criminal
    Will die in Federal Prison

    – Bernie Maddoff, Ponzi Criminal
    Died in Federal Prison

    When you encounter a member of the Federal justice system in an office setting it may seem reasonable to bonk their head on the desk a couple times before you engage them. That way there’s more congruence between the things they say and they way they look.

  7. Wayne, bitcoin is soon to be split 2:1, if the Fed approves. Also, bitcoin is valued in fiat dollars. So just what is bitcoin. It is a medium with no value, in which one is allowed to speculate. Very few who speculate in bitcoin have any understanding of blockchain. Myself included. Also, in this country bitcoin is not legal tender, but a place to store fiat money away from the prying eyes of the IRS. Or it was in the beginning. So speculate to you hearts content. I prefer to invest in tangible assets. To each his own.

    • Citizen, investing is one thing, currency is entirely another. Many are viewing cryptocurrency as an investment when it is actually intended to be a currency. That said, there is an exchange, the FOREX, for speculating in currencies…. which should not be viewed as “investing.”

  8. Well at least Sammy’s criminal activity resulted in paying for Joe and his family a place to live off the taxpayers dime for the past three years.
    Not sure who he stole the ten million from to get Joe selected but He should at least get invited to one of Hunters parties with a complimentary bag of blow and a few of Diddy’s girls to play with.

  9. My number one rule of investing is that I don’t invest money in things I don’t understand. I don’t understand crypto.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.