Bankman-Fried’s appearance comes as two of his closest former colleagues pleaded guilty to criminal fraud charges. The two associates — Caroline Ellison, the former chief executive of Alameda Research, Bankman-Fried’s hedge fund, and Gary Wang, co-founder of FTX and its former chief technology officer — are cooperating with federal prosecutors, a development that spells deepening legal peril for Bankman-Fried....
Ellison, who was at times romantically linked to Bankman-Fried, pleaded guilty to seven counts that mirror a significant portion of Bankman-Fried’s indictment....
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Sam's parents did not kill themselves.
Where did he get $250M?
how does he come up with $250 million? paying bond with stolen money/. odd that
When the 'bottom bitch' in your imperial Chinese harem turns state's evidence, that gives a whole new meaning to 'topping from the bottom'.
So he pays in bit-coin, right?
Thank God Bankman-Fried is able to live his parents. Maybe they can buy him some pants.
Feds appear to be going hard after SBF.
I recall that the GWB administration went hard after Enron and Arthur Anderson.
Sometimes, I think, the administration in power has to get "hardcore" with criminals that are connected to their party.
There's a great photo of Sam's mom outside the NYC court today on Zerohedge. It's a great photo.
That is the photo of the ultimate architect. The real controller of her son. Judaism is a matriarchal religion, as well as a matriarchal ethnicity. Jewish mothers are very neurotic about their sons, and boy...what a doozy.
That is a big bond. I first typed big bong.
Could get awkward if they turn state's evidence on him, or vice versa. How do you check if mom's wearing a wire when she tucks you in, and starts making casual self-exculpatory remarks?
unfair sentences. That said, democracy dies in darkness.
Like everything in the United States, this story is false and corrupt.
He was released on what is known as a "personal recognizance bond." Meaning that he had to put up ZERO DOLLARS. He just "promised" to show up for his trial.
He's just been let out of jail free on "bond." Bernie Madoff had to actually put up $10 million REAL DOLLARS.
Interestingly, the court has allowed this bond because two UNNAMED individuals with CONSIDERABLE assets have promised the court they'll pay $250 million if he absconds.
The court - conveniently - WON'T SAY who those co-conspirators are so that we might track down how they have that much money just laying around.
So, yeah, there's no fix in or anything. Wink Wink Nudge Nudge.
It kind of seems like this asshole might just have enough cypto squirrelled away that he can Roman Polanski his way out of this. His poor parents will lose their family home (boo hoo) and no one will have seen it coming!
I guess he has more than the $100 thousand he claimed...
How can he post a bond for $250mm if any net worth he likely has was stolen from his investors?
The man embezzled $Billions, and #250 million(of other peoples money) will keep him from running? Is the judge getting a cut?
Flight risk? Nah. Why would we think that? /sarc
Now where, just where, did he come up with the bail money?
I was wondering why Ellison wasn't heard from. She was singing "Poor poor pitiful me."
So in the end he’s going to be just another young incel living at home with his parents? I’ll bet he expected better than that.
I’ll also bet that he never expected former best friend Gary Wang or former lover Caroline Ellison to turn on him. Things change.
Any bets on how much of the money donated to political campaigns they’ll be able to claw back?
Why did SBF rush to get extradited from the Bahamas, surprising even his own lawyer? I was assuming he had a deal so he could become an advocate for regulation of crypto, and perhaps a poster child for cannabis psychosis (I'm not a genius, I'm cognitively impaired and I can't remember anything; sorry about all that money). Now maybe it's a race to see who sells out whom. On the cop shows they say: you'd better sell out your friends now; as soon as they sell you out, you've lost your chance.
I can't wait for the part where the judge gives him the choice of going to jail or joining the Marines.
SBF, like Trump and Musk, represents a personification of the Rahm Emanuel crisis management maxim: "You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."
Why does red-team appear disinterested in making something out of SFB troubles?
Is like something is missing.
How can he make that bail with only $100k in the bank?
i don't get it? Where did he find $250 million dollars..
Shouldn't THAT money go to the people he ripped off?
So what assets does he have exactly to secure that bond?
So the two masterminds of the fraud have pleaded guilty and are cooperating while the naive philanthropist who had trusted them is getting blamed.
Don’t hire a big firm lawyer. They are worthless. Get a Johnnie Cochran. The best defense is a good offense
So…..an adult man is under control of his parents? Don’t people know SBF’s parents funneled clients their kids’way?
What a ridiculous shit show!
He’s going to get off with a slap on the wrist, isn’t he?
What happened to "no cash bail"? After extradition, he's not a flight risk, right?
I'm trying to picture how our boy Sam comes up with either (a) adequate property to secure a quarter-billion dollar bond, or (b) the premium on a surety bond, which I believe is typically 10% of the bond amount, $25 million in this case. This guy just said he had only (only!) a hundred-thousand in his bank account. His parents surely can't swing it. Maybe the bail bond surety will have to have a few tough guys hired to watch Sam, 24/7/365. Maybe have them live in the parents' house, with Sam and his folks. To reduce the risk of flight, and thus keep the premium below 10%.
I'm confused. The perp has entered into something called a "recognizance agreement" pursuant to which he agrees to show up in court, in exchange for which he doesn't have to post this astronomical bond or anything like it. I guess mom and dad had to put up the equity in their house, if any. So the proscutors got a headline bond amount which wasn't collected, and then just let him go, in exchange for his promise to show up in court, which he is legally required to do anyway. What am I missing here?
First to plead wins in this case.
its going to be that Justine Smolliete justice.
How long before he gets new pronouns?
The element missing from this scandal is a roster of highly sympathetic victims. That's going to help SBF. The victims look like greedy fools.
Video of him leaving the hearing: No handcuffs. Bet Madoff's turning in his grave.
Someone call Michael Moore, white-collar capitalist tycoons are getting away with it. AGAIN.
Moore is royally pissed. I should think...
So you have a guy who is a crook and conniver of note; who was worth $16B; who presumably stashed a B or so of that here and there; who is in custody and *facing most of the rest of his life in prison*; whose stash could probably easily pay for his disappearance off some little isolated beach west of Palo Alto in a matter of minutes, pay his way to and into some non-extradition country somewhere, and reimburse his parents what that would cost them...and you let him go free on a fraction of his stash - $250M - bail?!
Let's see - the next 50yrs in a cage or the next 50yrs on a beach somewhere? That's really a tough one.
Mikey NTH said...
I was wondering why Ellison wasn't heard from. She was singing "Poor poor pitiful me."
And SBF was singing "Caroline, No."
“ Fast forward to today when we just got confirmation that Caroline Ellison has fucked Bankman-Fried one final time by indeed rolling on him, and "turning states" in the criminal prosecution of the corpulen….” Zerohedge.
Jamie Gorelick is Ellison’s lawyer! She was the fixer for the Clintons! She set up the system so that the 9-11 terrorists could go undetected. She’s pure evil. At the heart of many Clinton scandals.
There was no bond.
Only an agreement from his parents to pay if he absconds.
But this is the WAPO and it needs to keep it's readers properly informed.
You are just really stupid if you cite the WAPO as an informative honest source of information.
Neo (thenewneo.com) has the story on the bail from the Daily Wire:
A recognizance bond is a written commitment from the accused to appear in court when ordered. In return, Bankman-Fried’s camp would not be required to meet the full collateral requirements on the bail.
The bond was secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets…
Judge Gabriel Gorenstein said that Bankman-Fried would require “strict” supervision following his release to his parents’ home in California.
Stole a billion dollar no flight risk
Unknown said...
Like everything in the United States, this story is false and corrupt.
He was released on what is known as a "personal recognizance bond." Meaning that he had to put up ZERO DOLLARS. He just "promised" to show up for his trial.
He's just been let out of jail free on "bond." Bernie Madoff had to actually put up $10 million REAL DOLLARS.
Interestingly, the court has allowed this bond because two UNNAMED individuals with CONSIDERABLE assets have promised the court they'll pay $250 million if he absconds.
The court - conveniently - WON'T SAY who those co-conspirators are so that we might track down how they have that much money just laying around.
So, yeah, there's no fix in or anything. Wink Wink Nudge Nudge.
12/22/22, 1:59 PM"
Bingo. Nailed it. The question is which billionaire Dem or collection of Dems pledged the bond and why the court is keeping the angel or angels undisclosed?
Interestingly, the court has allowed this bond because two UNNAMED individuals with CONSIDERABLE assets have promised the court they'll pay $250 million if he absconds.
Because they have some connection to the fraud, or are Non-Americans, no doubt.
Its amazing how these fucking Judges are allowed to be Dictator/Kings and literally do ANYTHING. This reminds of a group of powerful people that sued to keep Parliment from voting the UK out of the EU, and the British High Court kept their names secret because of so-called "danger".
If this is the way it works I would have posted a trillion dollar bond.
If this is the way it works I would have posted a trillion dollar bond.
Someone with deep pockets guaranteed that bond. Who, exactly?
From what I can understand his PARENTS put up as collateral their $4 million Palo Alto house. That's all. There is no $250 million being given.
If he skips, the parents lose $4 million. That's all.
I suppose some bonds bailman firm pays the rest. IRC, his parents were given $129 million in Bahama real estate using the Companies money.
Bill Ayres said it best, "Guilty as hell and free as a bird. Is this a great country or what ?"
How can he post a bond for $250mm if any net worth he likely has was stolen from his investors?
If that is a serious question, you are rather naive.
Also note that SBF will not commit suicide while at his parents home.
It will be a tragic accident.
Come on folks. He said he's sorry.
He might even have to do chores!
Maynard,
Strangulation suicide by shorts is common in the Bahamas.
Meanwhile, grannies taking selfies in the Capitol, who were set up by Pelosi and the FBI are still rotting away in the DC gulag, whilst the Progressive moneyman is set free. Must be nice to not have to worry about government coming at you when you actually are as corrupt as they are. He paid off the right people.
What do you want? He signed the piece of paper promising he'll show. I mean, if you can't trust a guy charged with fraud over billions of missing $$$, who can you trust?
Keep the meter running.
How is what he did, any less insurrectiony than taking selfies in the Capitol?? His stolen money bought an election.
Somebody on the radio said that the SBF/FTX saga begins with a start-up in Sam's parents' garage and now it ends with him living in their basement.
FTX and the SBF-Caroline Ellison relationship seems like a Woody Allen movie. Something like Annie Hall meets Blue Jasmine meets Take The Money and Run.
To amplify Unknown's point, one could compile a very, very long list of DOJ targets from the last 10 or 15 years -- rich, poor and everything in between -- from whom the FBI seized and/or encumbered every asset, far beyond the remit of the actual charges, so that the defendants couldn't even afford legal representation, never mind some 6- or 7-figure bond, which anyways had to be put up in cash. A vicious, unjust tactic to force a plea, and entirely legal.
Anyone who thinks SBF is getting rough, serious treatment from the DOJ is not a smart or informed person. Did the judge give him a kiss on the top of his fuzzy-wuzzy little noggin before sending him on his way?
It was inevitable that Caroline would cut a deal after SBF threw her under the bus with his public comments about how he didn’t know anything about Almeda. I read in the comments to the Washington Post a comparison of the FTX whiz-kids to the brainiacs who kidnapped Lindberg’s son. They, too, thought they were above it all. Maybe SBF and Caroline should have read “Crime and Punishment” before embarking on a life of crime. I guess they’ll have time to catch up on their reading going forward.
If I ever need to convince a judge that I'm not a flight risk, I'd go with the hapless momma's boy vibe too.
"How is what he did, any less insurrectiony than taking selfies in the Capitol?? His stolen money bought an election."
What SBF did was in the interests of promoting social justice (by helping elect Democrats). What the j6 selfies did was against the interests of promoting social justice (by supporting the view that Trump had legitimate complaints about the election).
See?
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