Sam Bankman-Fried (SBF) gets a quarter of a century – he will appeal the sentence – but would probably only serve half that (less time served?) anyway
Headlines across all major outlets are reporting the sentence handed down to the former billionaire owner of FTX – 25 years for all sorts of crimes.
Here is the back story that reveals a small part of the massive industry that is politics in the US.
Sam Bankman-Fried donated over $40 million in the 2022 election cycle. Where did it go? - CBS News
SBF claimed he made equal donations to both main parties – it’s just that the Republican ones were made via the “dark web”.
Note that a couple of his compadres also made donations to various PACs in the tens of millions. Who know how much people like Zuckerburg donated in a similar way to gai the influence they needed.
“In addition, two individuals that worked with Bankman-Fried, co-CEO of FTX Digital Markeys Ryan Salame and FTX director of engineering Nishad Singh, also made millions of dollars in political donations. Neither has yet been indicted on the same federal charges Bankman-Fried has, and a court filing Wednesday suggests Salame may have provided tips about Bankman-Fried's actions. “
Presumably, these two did not steal client funds.
What is not being reported is that 25-year sentence is a joke,
From here:
“The average prison sentence for white-collar crimes (such as fraud) is only 27 months.
Even though white-collar criminals can face sentences of up to 30 years, these lengthy punishments rarely occur. Far more commonly, these criminals only face small sentences or fines.”
So, SBF got a term at the higher end.
From here:
Live updates: Sam Bankman-Fried sentenced to 25 years in prison (cnn.com)
“"SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN.”
He has already served a year or so.
SBF will appeal the sentence.
Sam Bankman-Fried will appeal his 25-year sentence – live (theguardian.com)
Onwards!!
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Ironically Julian Assange has already served 13 years and counting. One law for them, another for the rest of us. When will people start to realise the USA is not a Republic or Democracy, it is a military dictatorship. The CIA military industrial complex runs America ever since they shot Kennedy in 1963.
SBF parent’s, both attorneys and college professors, were let off the hook when charges were dropped. Mother advised him as how to avoid campaign contribution limits so his donations could give rise of her within the Democratic Party. Father was an employee of FTX with salary of $200k + perks while whining and sideskirting personnel to get to son to demand $1 Million. Biden will most likely pardon him and the family corruption will continue.