Generating

10000+ related results were found.   
Subscribe Query
Crypto News
Crypto News
Judge Lewis Kaplan Rejects Sam Bankman-Fried's Pre-Trial Release Plea – Here's the Latest
6 months ago
COINCU
COINCU
followers

Key Points: Tiffany Fong shares a photo of Sam Bankman-Fried in jail, showing significant physical change. Bankman-Fried reportedly faces challenges in detention, including extortion attempts. Speculation surrounds lighter sentencing for Bankman-Fried, potentially influenced by FTX's reimbursement plans for fraud victims. Cryptocurrency influencer Tiffany Fong has unveiled a startling image purportedly showing Sam Bankman-Fried in jail during his pretrial detention at the Metropolitan Detention Center (MDC) in Brooklyn. Read more: FTX Collapse Connects To CFTC vs. Binance Event And Its Consequences Cryptocurrency Influencer Reveals Shocking Photo of Sam Bankman-Fried in Jail The photo, shared on the X platform, captures Bankman-Fried appearing thin and disheveled, a far cry from his previous persona. Fong claims it to be the sole image of Sam Bankman-Fried in jail since his imprisonment following a fraud conviction in August 2023. In the image, Bankman-Fried, positioned second from the right, is noticeably emaciated with unkempt hair and beard. Fong, who has obscured the faces of other inmates except for Bankman-Fried and someone identified as G Lock, suggests that Bankman-Fried has faced significant challenges behind bars. According to Fong, G Lock, described as a former Blood gang member, remarked on Bankman-Fried's condition, stating he's "obviously going through a lot" but acknowledged him as a "good guy." Despite reports of Bankman-Fried neglecting personal hygiene, G Lock noted that he hadn't faced severe violence or intimidation. Bankman-Fried Faces Extortion and Physical Decline Earlier, Fong interviewed Gene Borrello, another former MDC inmate, who claimed Bankman-Fried became a target for extortion due to his perceived vulnerability. Borrello described Bankman-Fried as appearing "cowardly and nervous" during their interactions. The unfolding FTX debacle, marked as one of the largest financial frauds in recent memory, has cast a shadow over Bankman-Fried's impending sentencing on March 28, 2024, overseen by District Judge Lewis A. Kaplan. Speculation abounds regarding a potentially lighter sentence, possibly influenced by FTX's efforts to reimburse affected customers. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

9 days ago
CoinDesk
CoinDesk
followers

Sam Bankman-Fried, found guilty of fraud last year, is due to be sentenced next month. The FTX bankruptcy looks likely to make its creditors whole as a result of the jump in crypto markets matters. Restitution paid to victims is a factor when it comes to sentencing, but only when the return took place before the offense was detected. Former FTX boss Sam Bankman-Fried (SBF) may be handed a lighter sentence than otherwise when he faces District Judge Lewis A. Kaplan next month because customers of the bankrupt exchange will probably be made whole thanks to a bounce in crypto markets and the buoyancy of certain investments held by the estate. Bankman-Fried was found guilty of fraud in November 2023, about a year after his crypto trading empire collapsed. During the bankruptcy process, the crypto market has risen sharply – CoinDesk Indices' CD20 gauge has gained more than 130% – meaning many thousands of hapless creditors are going to receive all the funds they had locked in, albeit at November 2022 prices. In July last year, the bankruptcy team said customers were owed $8.7 billion. The jump in crypto markets matters because restitution can be taken into account for sentencing. For example, for low losses, the guidelines suggest a range of 24-30 months. A high-loss amount, in contrast, could lead to a draconian range of upwards of 20 years’ imprisonment, or even life, according to Jordan Estes, a partner at the New York City office of law firm Kramer Levin. “I would expect the loss amount to be hotly contested at sentencing,” said Estes, a former assistant U.S. attorney who co-led the general crimes unit in the Southern District of New York, where the trial took place. “In particular, the defense may argue for a substantially lower loss amount, or even a loss amount of $0, if all customers and creditors will be made whole,” she told CoinDesk via email. Read more: Sam Bankman-Fried (Probably) Won’t Get a 115-Year Prison Sentence That said, the U.S. sentencing guidelines that give defendants credit for amounts returned to victims apply only when the return took place before the offense was detected. In this case, it’s clearly not SBF who is giving the money back, and the payments come well after discovery of the offense. A possible parallel is the case of fraudulent financier Bernie Madoff, who died in prison at the age of 82 while serving a series of consecutive sentences that ran to 150 years. In Madoff's case, the bankruptcy trustee also recovered large sums of stolen money, but he didn't receive any credit for that. Prosecutors estimated the size of the fraud to be $64.8 billion. Judges in the Southern District of New York often impose sentences below the guideline range in white-collar cases – easier now that they are advisory rather than mandatory – but when the court views conduct as particularly egregious, there is equal latitude to impose a higher sentence than the guidelines suggest, according to Martin Auerbach, an of counsel in the litigation and arbitration team at international law firm Withers. “The magnitude of SBF's offense, as well as considerations like its sophistication, and the court's likely view that SBF's testimony was untruthful at trial and is a compounding factor (in addition to reflecting a lack of acceptance of responsibility), may well lead the court to impose a hefty and carefully constructed sentence that would be difficult to challenge effectively on appeal,” Auerbach said in an email.

13 days ago

Loading...