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Bread, water and peanut butter: Sam Bankman-Fried's life in jail
Economic Times
·
1y ago
Medial
Cryptocurrency mogul Sam Bankman-Fried, facing a fraud trial related to the collapse of his crypto exchange FTX, has spent nearly a month in the Metropolitan Detention Center in Brooklyn. His lawyers have raised concerns about conditions in jail, including disruptions to his vegan diet, dwindling medication supplies, and limited access to the internet. They argue that these conditions are impeding his ability to prepare for trial. The judge overseeing the case is yet to decide on these issues, while Bankman-Fried's lawyers seek to reinstate his bail.
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An ex-cop in jail with Sam Bankman-Fried says he's eating 'disgusting-looking beans and week-old brown lettuce' because of his veganism
Business Insider
·
1y ago
Medial
FTX founder Sam Bankman-Fried is struggling to maintain his vegan diet while in jail, according to a letter written by an ex-NYPD officer also behind bars. The officer, Carmine Simpson, pleaded for leniency on Bankman-Fried's behalf, highlighting his commitment to not participating in the maltreatment of animals. Simpson initially doubted Bankman-Fried's motivations but later came to see him as a selfless individual. Bankman-Fried's attorney has argued that a 100-year prison term would be "grotesque" and is pushing for a sentence of 6.5 years. Bankman-Fried's parents have also written letters to the judge expressing their grief.
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FTX's Sam Bankman-Fried appeals jailing as trial nears
Economic Times
·
1y ago
Medial
Sam Bankman-Fried, founder of FTX cryptocurrency exchange, has appealed a decision to jail him for alleged witness tampering ahead of his trial over the collapse of FTX. Bankman-Fried's lawyers argue that he exercised his First Amendment rights by sharing writings by his former colleague Caroline Ellison with a New York Times reporter to defend his reputation. Prosecutors claim he released the writings to harass Ellison and dissuade others from testifying. Bankman-Fried's bail was revoked on Aug. 11, and he faces charges of stealing billions of dollars in FTX customer funds.
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Sam Bankman-Fried says he never thought what he was doing at FTX was illegal
Business Insider
·
1y ago
Medial
Former FTX CEO, Sam Bankman-Fried, expressed remorse for his actions in an interview with ABC News. Bankman-Fried, who was recently sentenced to 25 years in prison on charges including fraud and money laundering, stated that he never intended to hurt anyone or take anyone's money. The collapse of FTX in 2022 resulted in significant financial losses for customers, some of whom claim to have lost their life savings. Bankman-Fried's legal team plans to file an appeal, while his successor as CEO, John Ray III, disagrees with Bankman-Fried's portrayal of the company's financial situation.
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Sam Bankman-Fried's lawyer says sentencing the FTX founder to a 100-year prison term would be 'grotesque' and 'barbaric'
Business Insider
·
1y ago
Medial
Sam Bankman-Fried's lawyer, Marc Mukasey, has criticized the probation office's recommendation of a 100-year prison sentence for his client, calling it "grotesque." Bankman-Fried, founder of FTX, was found guilty of fraud and conspiracy and faces up to 110 years in prison. Mukasey argues that the severity of the recommended sentence is unwarranted, suggesting a term of five to six-and-a-half years instead. He highlights Bankman-Fried's charitable works and commitment to others as factors that should be considered in sentencing. Bankman-Fried's sentencing is scheduled for March 28.
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Sam Bankman-Fried is dispensing crypto investment tips to Brooklyn prison guards: NYT
Business Insider
·
1y ago
Medial
According to The New York Times, Sam Bankman-Fried, the founder of FTX, is reportedly offering cryptocurrency investment advice and promoting investments in Solana to prison guards while incarcerated at Brooklyn's Metropolitan Detention Center. Bankman-Fried is facing up to 110 years in prison after being found guilty of fraud and conspiracy. His parents have written letters to the court pleading for leniency, citing concerns for his life and well-being in a typical prison environment. Bankman-Fried's attorney is advocating for a shorter sentence of five to six-and-a-half years.
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Sam Bankman-Fried lives 'life of delusion,' new FTX CEO says as sentencing looms
Economic Times
·
1y ago
Medial
Sam Bankman-Fried's successor as CEO of FTX, John Ray, has dismissed Bankman-Fried's claims that customers may recover funds, stating that it does not mean he did not steal. Bankman-Fried was convicted of stealing $8 billion from FTX customers. Ray filed a statement in court stating that customers will recover some losses due to the bankruptcy estate's efforts, not because Bankman-Fried did not steal. Bankman-Fried is scheduled to be sentenced on March 28, with prosecutors seeking a 40- to 50-year prison term. Defense lawyers believe a lesser sentence is appropriate.
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Caroline Ellison says FTX founder Sam Bankman-Fried corrupted her values so she could lie and steal
Economic Times
·
1y ago
Medial
In a New York City trial, Caroline Ellison, the former top executive of Sam Bankman-Fried's cryptocurrency hedge fund Alameda Research, accused Bankman-Fried of corrupting her values, leading her to lie, steal, and create false balance sheets. Ellison said that Bankman-Fried's philosophy, which sometimes justified bending or breaking the rules, made her more willing to engage in dishonest activities. She admitted to doctoring balance sheets and sending false information to lenders, expressing a sense of dread throughout her time with Alameda. Bankman-Fried faces fraud charges, while Ellison pleaded guilty to fraud charges in December.
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Fourth top FTX executive pleads guilty ahead of Sam Bankman-Fried trial
Economic Times
·
1y ago
Medial
Ryan Salame, a former top executive at cryptocurrency exchange FTX, has pleaded guilty to criminal charges related to a fraud case against FTX's founder, Sam Bankman-Fried. Salame admitted to making millions in political contributions at Bankman-Fried's direction, labeling them as loans from FTX's sister company, crypto hedge fund Alameda Research. He will pay a $6 million fine, over $5 million in restitution to FTX, forfeit two properties, and could face up to 10 years in federal prison. Salame is the fourth executive in Bankman-Fried's circle to admit to criminal conduct, putting pressure on Bankman-Fried ahead of his trial next month.
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Sam Bankman-Fried's lawyers say prosecutors are treating their client like a 'depraved super-villain' with 'dark and megalomaniacal motives'
Business Insider
·
1y ago
Medial
Lawyers for Sam Bankman-Fried, the founder of FTX, are challenging the 40 to 50-year prison sentence recommended by prosecutors, accusing them of portraying him as a villain with sinister motives. In their letter to the judge, his lawyers argued that the proposed sentence was excessive and a medieval form of punishment. Prosecutors have justified the sentence by citing the significant financial and emotional harm caused by Bankman-Fried's crimes, which resulted in billions of dollars in losses. This is not the first time his lawyers have requested leniency. Bankman-Fried's sentencing is scheduled for March 28.
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Sam Bankman-Fried urges lenient sentence, citing FTX fund recovery
Economic Times
·
1y ago
Medial
Sam Bankman-Fried's lawyer is requesting a lenient sentence for the FTX founder, who was convicted of stealing $8 billion from customers of the bankrupt cryptocurrency exchange. The lawyer argues that most of the funds will be returned to the clients and suggests a prison term of 5-1/4 to 6-1/2 years, far below the maximum sentence of 110 years. Bankman-Fried plans to appeal the conviction and sentence. The sentencing is scheduled for March 28. The lawyer submitted letters of support from Bankman-Fried's parents, stating his dedication to repaying customers. The U.S. Attorney's office is expected to provide its own sentencing recommendation by March 15.
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