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ButterPotatoHead t1_j2txzwp wrote

Reply to comment by TheGrandExquisitor in Sam Bankman-Fried pleads not guilty to federal fraud charges in New York amidst renewed federal probe by fadufadu

Well... confess? To felonies? He gave some details about what he did and didn't do, tried to distance himself from Alameda Research. He admitted that mistakes were made and that they didn't have good risk controls. But I wouldn't call anything that he said a confession.

Many of the charges he faces like fraud require intent, which means he said something that he knew was false or deliberately and intentionally misled someone. He certainly didn't say anything like that and this can be hard to prove.

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ZsMann t1_j2u9e61 wrote

Idk if you listened to all the Twitter spaces he did the weeks before his arrest... also deleting tweets etc

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[deleted] t1_j2v8py3 wrote

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ButterPotatoHead t1_j2wk9g7 wrote

SBF said he stepped down as CEO of Alameda two years ago and turned it over to the two people that are now his co-conspirators. I am sure this is his attempt to demonstrate distance between Alameda and FTX.

What are these "hundreds" of business entities? The press has mentioned 4 or 5.

I think the core issue is that the way that money was accounted for at FTX was a custom-written accounting system that they wrote, which didn't have nearly the necessary controls to keep track of different kinds of account or commingling of funds etc. Also it has been revealed that Alameda specifically had special treatment within the accounting system to have basically complete access to all assets in FTX which it used for all kinds of purposes.

But SBF will say that is Alameda's problem which he no longer runs. The co-conspirators will say that SBF orchestrated the whole thing. We'll see how that shakes out in court.

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[deleted] t1_j2xe877 wrote

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ButterPotatoHead t1_j2yt93l wrote

Look you don't have to convince me. I think he's a liar that committed fraud and will go to jail. I'm just telling you what his defense is. Whether or not it legally holds water is up for him and his lawyers to decide.

All of these people were probably cohabitating and sleeping with one another and hanging out, so the idea that there was some kind of arm's length separation between a guy and his girlfriend who were CEO's of two related companies is kind of laughable. But we'll see.

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notaredditer13 t1_j2usr7m wrote

I tend to agree. Much of what he said is too non-specific to call it a true confession. But I bet the prosecution will still try and sautee him in it because of how bad it sounds.

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