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IWankToTits t1_j2szoux wrote

I bet in a year he will be fined a few hundred grand and told not to do it again.


usrevenge t1_j2t33dr wrote

Idk he did the biggest crime possible in the us.

He stole from the rich.


Potential-Double7210 t1_j2ttygp wrote

It is highly speculated that when FTX was going down and a bank run on the company seemed to be in it's infancy, they gave what money they still had to their most important/wealthy investors first, although SBF characterizes this as FTX having given back requested withdrawals on a "first come, first serve" basis.


IWankToTits t1_j2t38e7 wrote

Eh... he also donated a lot of money to politicians.


Send-More-Coffee t1_j2ucd1q wrote

Yeah, but he's no longer able to donate to politicians. Politicians are kind of big on "What can you do for me?" types of exchanges. (Note: Good politicians are using this to score investment for their constituents, whereas bad politicians for themselves. Ugly politicians don't play this game and shit all over everything. Case in point: today's House of Representatives.)


IWankToTits t1_j2ucm9r wrote

I mean that's as easy as cut me some deals and I'll throw some money your way for reelection.

He has billions


Send-More-Coffee t1_j2uf7v8 wrote

Pretty sure that he's in trouble specifically for the fact he doesn't have billions.


IWankToTits t1_j2ugioz wrote

I mean the problem is his users don't have their money. It's pretty clear he has some extreme wealth tucked away.


sevnm12 t1_j2uosuf wrote

Those poor rich people. He's going to burn for that! (Actually though)


notaredditer13 t1_j2utk1j wrote

>He stole from the rich.

Did he though? Most crypto investors aren't rich. They're kids who are too young to remember Beanie Babies.


HappyFamily0131 t1_j2t4g95 wrote

Despite the state of our justice system, I think you would lose that bet. Being clueless about the whole thing has been his defense from the start, and that has historically been a winning defense for fraudsters everywhere, but a key component of the success of that defense that is that the defendant not actually be a moron.

By all accounts, SBF hid his actions, and his criminal intent, very, very poorly. He may yet succeed in convincing the general public that he's not a bad guy. But as for convincing a judge or jury that this was all just a crazy mistake, no, I don't think I would bet on that.


IWankToTits t1_j2t4lr1 wrote

I hope Im wrong but I think a big thing people are forgetting here is this is about crypto. Which I would argue has purposely been left to its own devices.


Aazadan t1_j2toizl wrote

Yes and no. They had terms of service regarding using depositors funds. Financial regulations or not, that was theft, and they've already admitted to it, in addition to the corporate fraud.

SBF is in a lot of trouble, regulations are just an additional set of laws for an industry to adhere to, not the only laws.


notaredditer13 t1_j2ut8un wrote

The markets/currencies may be unregulated, but fraud is fraud. You can't lie to someone about what you are doing with their money, Beanie Babies or crypto.


Melodic_Job3515 t1_j2t7m2l wrote

If it was 5 million gone aha slap on wrist. 50 million? Poor oversight . 100 million? We got no bookwork or accounts audited here. 1 billion is a lot. Then we got FTX.... Sam is FallGuy.


FitLaw4 t1_j2t44bb wrote

Martin Shrkeli or whatever his name is has a YouTube video up going over sam's charges and using the fraud sheet that determines how much time you will get. He said it's the exact same one they gave him when he was convicted. If this guy is found guilty I dont think it's possible he will get less than 25 years just based on the amount of money that was stolen. Not even considering the other charges.


guruwiso t1_j2tgxxg wrote

While I saw Skreli's video and it had decent info in it regarding what SBF may face in this journey of his, I would warn everyone to be cautious of anything this guy says...Even his opinions on this trial.

He hasn't been out of prison a year and is already being accused of being involved in a shady crypto rug pull. He's also trying to push some software that he claims will harness computing power to solve drug discovery problems. However, this software looks really shady and I wouldn't be surprised if it's not some other crypto scheme he has planned behind the scenes.

Anyway, just a friendly word of caution. Some of the biggest snakes in the world come off as smart and friendly. It doesn't make them good people or make what they have to say any more valuable than the next guy.


FitLaw4 t1_j2thtkr wrote

While I agree I wouldnt trust him with my money or his opinions on what to invest in I would say his opinion on this is more concrete imo. He pulled up the fraud charge sheet on his screen so you could see the point system and everything for yourself as he's talking about it.


guruwiso t1_j2tntmx wrote

I think we're both in agreement here. I just wanted to throw out that PSA because I've seen way too many posts talking about how great Skreli is and how he's a reformed man now that he's out of jail. I guess some people just gravitate to bad role models.


IWankToTits t1_j2t493v wrote

We will see but I think crypto has been kept in a legal grey area on purpose.


Girth_rulez t1_j2t87ys wrote

Coincidentally SBF's parents were involved in this lobby effort.


inksmudgedhands t1_j2t6vdl wrote

He burned some major investors and he has now zero connections to anyone rich and powerful with any political strings to pull. The government would love to make an example on how they don't let the "1%" get away with everything like how everyone knows they do.

He is the perfect scapegoat. The guy doesn't have a prayer.


BoardmanZatopek t1_j2tvkxk wrote

You can’t rip off people richer than you and walk away with a slap on the hand. Look at Elizabeth Holmes and Sunny Balwani.

You can however rip off the everyday man all you like.


[deleted] t1_j2tkdaw wrote

Regardless, His name is forever tainted and he will never work in the industry aga, nor find anyone to work with him. He's the guy that lost billions for everyone including rich people. And he wasn't even smart about it. Unlike people like belfort or madoff that had some semblance of what to do, it's already but that at no point did the company even know how much money they had at any given time.

Sams life is going to suck for him. He may be well off than 98/99% of americans, but this was the wunderkind, the guy on time magazine, the guy with a stadium built for him, celebrity endorsements, expensive vacations and taste, the envy of all people globally. Everybody at one point wished they could have been smart like him and his friends.

But that's all gone now, his friends ratted him out, his billions gone and his incompetency is on display. Nobody wishes to be him anymore.

Sam is going to never again see that view or that world again and spend the rest of his life wishing for it back and never getting it.


IWankToTits t1_j2tklvz wrote

I mean I hope so but Im not sure I believe it.

There is an equally good chance he will get away with a good chunk of illicitly gained money, get a slap on the wrist and spend the rest of his life in luxury.


[deleted] t1_j2tpjxy wrote

Madoff got sent to prison.

Madoff also got the shit beat out of him in prison

Even then, the madoff family fell to complete ruins after the exposure.

PLenty of people get away with a slap on the wrist and it could happen here. BUt at the scale this happened and him trying to get as many hands in as many pies as possible with evidence to show for it, I have my doubts he'll be getting an easy life.

And like I said in my post, it may be a life of luxury of how we think it to be, but he isn't ever going to have the bezos life of luxury that he got a taste of and never will again.


notaredditer13 t1_j2utyw5 wrote

>PLenty of people get away with a slap on the wrist and it could happen here.

A lot of people believe this, but it isn't really true. People just don't recognize crimes when they see them or rather think that being rich or greedy is in and of itself a crime. It isn't.


OldmanJenkins02 t1_j2ubykg wrote

I don’t think it’ll be this weak of a verdict, however, my concern is we see something like 3 years in a minimum security prison and fined like 1MIL or something like that. I have a feeling it’s going to be an incredibly frustrating sentence and he’ll be back at it with some type of crypto or “online class” scam in no time