Countem
Verified Certified Fraud Examiner and CPA
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- Dec 31, 2019
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NY - Samuel Bankman-Fried (FTX), Alleged Fraud, Money Laundering, 2019-2022 *Arrest*
- Thread starter Countem
- Start date
Countem
Verified Certified Fraud Examiner and CPA
- Joined
- Dec 31, 2019
- Messages
- 1,279
- Reaction score
- 7,350
Bankrupt crypto exchange FTX says it will be able to repay creditors full $11bn
CEO confirms once company has sold off remaining assets it will have more than amount required
Sam He Is: An Exclusive Prison Chat With S.B.F.
On a recent Tuesday, I went to the Metropolitan Detention Center in Brooklyn for an intimate chat with America’s most famous prisoner, Sam Bankman-Fried. During our 75-minute conversation, we discussed everything from Caroline Ellison and the travails of his new life, to his regrets about the...
puck.news
Above is an exclusive interview with SBF from prison for Puck subscribers only.
Countem
Verified Certified Fraud Examiner and CPA
- Joined
- Dec 31, 2019
- Messages
- 1,279
- Reaction score
- 7,350
Alameda’s Sam Trabucco Breaks Silence to Support FTX’s Ryan Salame
A key player in Sam Bankman-Fried’s inner circle has been absent from public view since the collapse of crypto exchange FTX in late 2022. A year and a half later, Sam Trabucco has emerged to lend his support to a former colleague ahead of their sentencing.
www.bloomberg.com
Gemmie
Clam dip nose
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- Feb 4, 2014
- Messages
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Top FTX Executive Sentenced to Seven and a Half Years in Prison
Ryan Salame, the head of FTX’s subsidiary in the Bahamas, was the first of Sam Bankman-Fried’s deputies to be sentenced since the crypto exchange collapsed in November 2022.
Top FTX Executive Sentenced to Seven and a Half Years in Prison
Ryan Salame, the head of FTX’s subsidiary in the Bahamas, was the first of Sam Bankman-Fried’s deputies to be sentenced since the crypto exchange collapsed in November 2022.
The Giving Pledge.
"FTX founder Sam Bankman-Fried was removed from the list in December 2022 following his arrest.[10]" * (Subscription article)
I wonder what specifically axed him from the list.
For those not familiar w the Giving Pledge, it is: "... a charitable campaign, founded by Bill Gates and Warren Buffett, to encourage wealthy people to contribute a majority (i.e. more than 50%) of their wealth to philanthropic causes. As of June 2022, the pledge has had 236 signatories from 28 countries.[1] Most of the signatories of the pledge are billionaires..." Home - The Giving Pledge
_______________________________
BTW From the org's FAQ - The Giving Pledge:
"I’m not a billionaire. Can I join the Giving Pledge?
"The Giving Pledge is focused on billionaires (those with a net worth of U.S. $1 billion or more), or those who would be billionaires if not for their giving."
Looks like some of us will not be on the GP list. LOL. That's okay , as also noted:
"Everyone is encouraged to engage in charitable and philanthropic giving, as their resources allow. There are many ways to play a role in making our communities better, including volunteering our time to organizations and causes we care about."
_____________________________
* Source of wiki info re removing SB-F from list:
“[10] Alexander, Sophie (2022-12-14). "Sam Bankman-Fried Cut From Giving Pledge Website After Arrest". Bloomberg L.P. Archived from the original on 2022-12-14. Retrieved 2023-08-05. Article for SUBSCRIBERS.
"FTX founder Sam Bankman-Fried was removed from the list in December 2022 following his arrest.[10]" * (Subscription article)
I wonder what specifically axed him from the list.
For those not familiar w the Giving Pledge, it is: "... a charitable campaign, founded by Bill Gates and Warren Buffett, to encourage wealthy people to contribute a majority (i.e. more than 50%) of their wealth to philanthropic causes. As of June 2022, the pledge has had 236 signatories from 28 countries.[1] Most of the signatories of the pledge are billionaires..." Home - The Giving Pledge
_______________________________
BTW From the org's FAQ - The Giving Pledge:
"I’m not a billionaire. Can I join the Giving Pledge?
"The Giving Pledge is focused on billionaires (those with a net worth of U.S. $1 billion or more), or those who would be billionaires if not for their giving."
Looks like some of us will not be on the GP list. LOL. That's okay , as also noted:
"Everyone is encouraged to engage in charitable and philanthropic giving, as their resources allow. There are many ways to play a role in making our communities better, including volunteering our time to organizations and causes we care about."
_____________________________
* Source of wiki info re removing SB-F from list:
“[10] Alexander, Sophie (2022-12-14). "Sam Bankman-Fried Cut From Giving Pledge Website After Arrest". Bloomberg L.P. Archived from the original on 2022-12-14. Retrieved 2023-08-05. Article for SUBSCRIBERS.
Gemmie
Clam dip nose
- Joined
- Feb 4, 2014
- Messages
- 5,961
- Reaction score
- 39,765
My guess is because you have to be a billionaire to be a member.
Sam Bankman-Fried Says He Has 'Close to Nothing' Left After $26 Billion Wipeout
- Fallen mogul claims he has one credit card, $100,000 in bank
- Bankman-Fried was estimated to be worth $26 billion at peak
Sam Bankman-Fried Says He Has 'Close to Nothing' Left After $26 Billion Wipeout
Sam Bankman-Fried, who at one point was worth $26 billion, claims he now has “close to nothing.”
www.bloomberg.com
And... even if he still had $26B (or even $1B for that matter)... Per your link to the Giving Pledge site:
The Giving Pledge is a movement of philanthropists who commit to give the majority of their wealth to charitable causes, either during their lifetimes or in their wills.
Gemmie again... key word... THEIR wealth. It was other people's stolen money. lol
FAQ - The Giving Pledge
The Giving Pledge is a movement of philanthropists who commit to giving the majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills.
givingpledge.org
Timing, SB-F.
My impression was that he had enough $ to engage & pay for private counsel for his trial. And IIRC, for sentencing & appeal(s), not that that would require billions. LOL.
Regardless, now seems imo SB-F is right where he belongs.
- - - - - - - - - - - - - - - - - - - - - - - - -
OT. At a securities industry conference decades ago I met Bernie Madoff, only briefly after a panel he was on. But long enough to hear him make condescending remarks about securities regulators. Well, in retrospect, unearthing his fraud did take a looong time.
"Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme." 2009
en.wikipedia.org
________________________________
* From ^ post:
@Gemmie Thx for your response w the Dec. 14, 2022 headers* from bloomberg.com. I'm not a subscriber, did not see it, did not search further.My guess is because you have to be a billionaire to be a member.
Sam Bankman-Fried Says He Has 'Close to Nothing' Left After $26 Billion Wipeout
- Fallen mogul claims he has one credit card, $100,000 in bank
- Bankman-Fried was estimated to be worth $26 billion at peak
Sam Bankman-Fried Says He Has 'Close to Nothing' Left After $26 Billion Wipeout
Sam Bankman-Fried, who at one point was worth $26 billion, claims he now has “close to nothing.”
And... even if he still had $26B (or even $1B for that matter)... Per your link to the Giving Pledge site:
The Giving Pledge is a movement of philanthropists who commit to give the majority of their wealth to charitable causes, either during their lifetimes or in their wills.
Gemmie again... key word... THEIR wealth. It was other people's stolen money. lol
FAQ - The Giving Pledge
The Giving Pledge is a movement of philanthropists who commit to giving the majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills.givingpledge.org
My impression was that he had enough $ to engage & pay for private counsel for his trial. And IIRC, for sentencing & appeal(s), not that that would require billions. LOL.
Regardless, now seems imo SB-F is right where he belongs.
- - - - - - - - - - - - - - - - - - - - - - - - -
OT. At a securities industry conference decades ago I met Bernie Madoff, only briefly after a panel he was on. But long enough to hear him make condescending remarks about securities regulators. Well, in retrospect, unearthing his fraud did take a looong time.
"Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme." 2009
Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme
Contents: (1) Results of the Invest.; (2) SEC Review of 2000 and 2001 Markopolos Complaints: (3) SEC 2004 OCIE Cause Exam. of Madoff; (4) SEC 2005 NERO Exam. of Madoff; (5) SEC 2006 Invest. of Markopolos Complaint; (6) Effect of Madoff¿s Stature and Reputation on SEC Exam.; (7) Allegations of...
www.google.com
Bernie Madoff - Wikipedia
* From ^ post:
Sam Bankman-Fried Says He Has 'Close to Nothing' Left After $26 Billion Wipeout
- Fallen mogul claims he has one credit card, $100,000 in bank
Doesn't he have to pay restitution? What's he still doing with 100K? They should confiscate it and distribute it to his victims.
SB-F. Forfeiture. Restitution?
From a 3/29/24 story (w sbm):*
FORFEITURE
"A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX...."
<modsnip - snipped for copyright>
_______________________________
* Dated 3/29/24
@ch_13
From a 3/29/24 story (w sbm):*
FORFEITURE
"A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX...."
<modsnip - snipped for copyright>
_______________________________
* Dated 3/29/24
Last edited by a moderator:
SB-F. Forfeiture. Restitution?
@ch_13 asked: "Doesn't he have to pay restitution?"
Briefly, per story below,* judge did not order it, but DoJ may pay restitution to victims in the future.
Welcoming links to the ct order, to prosecutor's sentencing memo, or MSM w more details. TiA.
Anyone?
To comply w WS ToS & avoid possible copyright violation, my paraphrasing from 3/29/24 story, NOT quoting it. My apologies to the MODs.
=======================================
FORFEITURE
Judge ordered repayment of $11-plus billion as part of SB-F's sentence.
Forfeiture $ amt is usu. based on amt of $ a defendant gains by the crimes committed.
Prosecutors asked for $11 billion in forfeiture,
- $8 bil., wire fraud & money laundering.
- $1.72 bil., SB-F's firm raised from investors on false pretenses.
- $1.3 bil., FTX owed to lenders.
Per a former fed prosecutor, $ forfeited is deposited directly into the US Treasury and the $ SB-F owes cannot be discharged in bankruptcy.
RESTITUTION?
IF ordered, restitution $ is paid directly to victims.
This judge's ruling did not order restitution because of the large number of victims and other complexities.
His order allows Department of Justice’s Money Laundering and Asset Recovery Section to pay victims of SB-F's crimes.
It may take a looong time - years - to compensate them.
SB-F's financials are not known.
_________________________________
* 3/29/24 story
@ch_13 asked: "Doesn't he have to pay restitution?"
Briefly, per story below,* judge did not order it, but DoJ may pay restitution to victims in the future.
Welcoming links to the ct order, to prosecutor's sentencing memo, or MSM w more details. TiA.
Anyone?
To comply w WS ToS & avoid possible copyright violation, my paraphrasing from 3/29/24 story, NOT quoting it. My apologies to the MODs.
=======================================
FORFEITURE
Judge ordered repayment of $11-plus billion as part of SB-F's sentence.
Forfeiture $ amt is usu. based on amt of $ a defendant gains by the crimes committed.
Prosecutors asked for $11 billion in forfeiture,
- $8 bil., wire fraud & money laundering.
- $1.72 bil., SB-F's firm raised from investors on false pretenses.
- $1.3 bil., FTX owed to lenders.
Per a former fed prosecutor, $ forfeited is deposited directly into the US Treasury and the $ SB-F owes cannot be discharged in bankruptcy.
RESTITUTION?
IF ordered, restitution $ is paid directly to victims.
This judge's ruling did not order restitution because of the large number of victims and other complexities.
His order allows Department of Justice’s Money Laundering and Asset Recovery Section to pay victims of SB-F's crimes.
It may take a looong time - years - to compensate them.
SB-F's financials are not known.
_________________________________
* 3/29/24 story
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