How Sam Bankman-Fried's Crypto Scam Worked | Insider News

Sam Bankman-Fried was found guilty of seven counts of fraud and conspiracy. Insider reporter Jacob Shamsian fills you in on how the former crypto billionaire got here.
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Why Sam Bankman-Fried Is Facing Up To 110 Years In Prison | Insider News

[@Matt-bg5wg]

The parents are complicit in this whole thing and definitely need to be prosecuted

[@EricK-tb2dn]

What did the parents do?

[@1jamesreed]

They were involved in sams crimes Also, they accepted money and homes in the bahamas from him (the money and homes were purchased with money sam pilfered from ftx. @@EricK-tb2dn

[@CG21110]

The new lawsuit against SBF's parents claims they both served as mediators between the employees, politicians, investors, and SBF, plus have to explain more than $26 million in cash and luxury properties that they "fraudulently transferred and misappropriated", as the filing states. SBF has said his parents “weren't involved in any of the relevant parts” of the business, but prosecutors say “they were very much involved - from the founding of the FTX Group until its collapse.” -Forbes

[@EricK-tb2dn]

@@CG21110 TY very much. I haven't kept up with this case because nothing has been televised.

[@SpaceRanger187]

But the government can scam Veterans out of money and that is fine..But this guy, how dare he...pssh. He should have gave some money to Ukraine and non of this would have happened

[@untouchable360x]

"Behind every great fortune lies a great crime."

[@jeffvoss7062]

powerful

[@JohnnyKidder]

Unpopular opinion warning: The whole point of cripto is to avoid the banking system and have the block chain store and secure all the info. If you avoided al the protections of the gov. backed banking system, decided to bet on cripto, but then trusted a random douche bag owned company instead of storing all your cripto keys yourself, you kinda had it coming

[@danielbonner8309]

True, but they should still throw this guy away in prison for the rest of his life.

[@santiagospangler1999]

Government doesn’t always protect you though. Example: 2008 housing market collapse and stock crash

[@stormryder4305]

That random douche bag owned company promised high return rate on the exchange. He even buy out all Binance's shares at much higher prices, and paid millions to influencers, and celebrities. So, it is understandable why many greedy and lazy investors, and creditors fall for his fraud. But you are right. No one should trust any douche bags at any point when it comes to money.

[@Blu3P0rc3l41n]

He committed crimes, so that's besides the fact. but, I agree with you nonetheless. Be your own bank.

[@EricK-tb2dn]

From what I understand was because he took the money that was meant for traditional FDIC investments and funneled it into crypto investments and lost it all.

[@jayjay-bz3rr]

110 years will fly by in no time at all

[@humphrey4976]

The Enron guys served 6 years and 5 years respectively. SBF will get a big sentence initially then get let out very early.

[@WhereIsTheIntruder]

Doubt it, because SBF is a disruptive figure in the financial market. Corruption is ok, as long as one of their own guys do it. A weird looking con man and crypto grifter on the other hand? He's got no chance.

[@MM-tt3np]

Sounds great, always let those from rich families get a pass. They don't dress well in fluo orange, running on tip toes holding someones back pocket. We do :)

[@sriramiyengar1931]

Jeff Skilling got 24 years

[@1jamesreed]

that got pled down after another trial@@sriramiyengar1931

[@MrAmhara]

He is likely never seeing freedom again.

[@b1646717]

He won't get anything like 110 years and he will go to cupcake jail. The same kind of place Martha Stewart or Jordan Belfort went.

[@mandarkastronomonov2962]

Bernie Madoff?

[@user-pl4pz2xn2c]

huh? no he's gonna get MIN 20 years but prob 30+

[@vapsa56]

30 minimum. The guidelines state that for every 500 million you steal, you get 2 years. He stole (Laundered) 8 billion. That comes to 32 years minimum. Then, there are other considerations that will add years to that. According to Laundering of Monied Instruments, US code 18, section 22.1b. It has a table that shows to minimums based on the amount of money laundered or stolen. So 32 years minimum.

[@MrAmhara]

You have no facts. Federal prisons are not fun.

[@internetpolification]

Are you a lawyer or informed person?

[@southernbreeze3278]

this channel shadow bans comments they don't like

[@johnpandolfino8663]

So does KZbin and therefore Google

[@IbnBahtuta]

Doh! rofl

[@user-dw1ls3rp1l]

He needs to be made an example of, in prison for so long that he will not get to enjoy anything he had hidden away. There are many would-be scammers just waiting to be how harsh his sentence will be.

[@alexn4255]

Would a life sentence be fair???

[@user-dw1ls3rp1l]

@@alexn4255 I'd be fine with 40 years, no parole. Let him out someday, but take away his best years.

[@frecklenuckle4450]

@@user-dw1ls3rp1l nah keep him in, he deserves worse

[@user-dw1ls3rp1l]

@@frecklenuckle4450 Well, no one was physically hurt. He is not a danger to society in that regard. People ARE out a ton of money, but it's hard for me to sympathize with folks who thought they were gonna get rich quick. Still, a message must be sent to all the other would-be scammers.

[@rbir2653]

No guilty plea no acceptance of his crimes and a huge denial of reality. It is not looking good.

[@alfellati]

Wait, why wasn’t this televised?

[@fabiobonetta5454]

Oh that great line from The Wolf of Wallstreet comes to mind: " I need you to dress up" "Why? What the fucks going on?" "You're going to jail"

[@williamangeles9761]

They will give him 10 to 15 years. He will be out in 5 years.

[@IbnBahtuta]

His future lifespan is dependent on whether he stole the money of the last people on Earth you would want to steal anything from, I'm sure I saw a film like that, it didn't end well for the thief. Think of a pi$$ed off Lee Marvin.

[@MW2SgtMike]

Nope. They’re going to make an example out of him. 70+ years guaranteed

[@DMalltheway]

More like life in prison.

[@IbnBahtuta]

@@DMalltheway At least he hasn't been suicided, yet. rofl

[@Touchez]

Does this mean the politicians who accepted his money will be charged also?

[@daydays12]

they should..they were accessories to the fraud

[@ralphtv6312]

When said and done 5 years people with money don’t go to jail and that will later get converted to house arrest

[@daydays12]

One 'law' for rich white another for poor black. Disgusting. In inequality in the US and the UK his staggering. That kind of inequality leads to disturbances....and extremism like gullible people following extreme right wing populists..." all your problems are caused by xxxxx xxxxx xxxxx people..."

[@FelixBibian]

who else got a 15 sec ad before this

[@tjbellah349]

I hope he doesn’t get enough time to make them drop his trial next year. I think we all deserve to know what he thought he was buying with all those campaign donations.

[@Bob.martens]

True that. It will be dropped, though.

[@dainguyen784]

An option for sam is to be recruited into the russian army, and after serving 6 months and he can be set free if he survive.

[@southernbreeze3278]

he gave 200 million to democrats and 40 thousand (virtually nothing) to republicans. this guy made it sound like he gave as much to one as the other. Ridiculous

[@hereLiesThisTroper]

The media lies.

[@ArcticPrimal]

what?! it was $40million to both democrats and republicans but he hid the donations to republicans from public... which was a smart thing to do. Basically he gave equal amounts to both sides

[@southernbreeze3278]

@@ArcticPrimal got a citation or link for this?

[@privateuser6517]

@@ArcticPrimal That is false. You just made that up. He gave hundreds of millions to dems and a small amount (thousands) to some rinos who were trying to primary some conservatives.

[@khoasome]

Good

[@robbylebotha]

Ironically, if everyone would try to withdraw all theor money from any traditional bank, it would go the same way as FTX. FTX operated the same way as any bank.

[@Eminetics]

This is very true, you cannot just allow people to take out all there money or major banks would collapse.

[@steveng8727]

Parents are Stanford prof's. he'll get about 7 years.

[@PungiFungi]

I thought these kind of charges and convictions are served concurrently instead of being cumulative, as in the case of Theranos.

[@alexn4255]

If Ross Ulbricht got life, SBF should get life.

[@Daria-bg3ds]

When will the parents be arrested?

[@-VForValhalla-]

Why? Because he scammed some extremely rich people and that's a big no-no! If he had robbed some poor smuck, that's would've been okay according to the justice system.

[@jamess.931]

He scammed everyone that used FTX lol if i was to guess I would say the majority of that money came from everyday people trying to invest into crypto. Sure there was some whales in there but most of it is from people dumping a few thousand $$ into crypto hoping it catch the wave.

[@tacicalchannel7225]

There's probably many companies that do this same thing but to the average person but can get away with it due to similar things Sam Bankman-Fried's lawyer said. Even if they are found guilty its usually just a fine or a slap on the wrist.

[@mitweakz866]

Exactly !! Poor people don't buy cryptocurrency, but can be scammed easily.... But don't mess with the rich ones

[@bkkp5468]

It's ok to scam people who can't afford to lose money but as soon as you scam people who have basically infinite money you get nailed. Reverse logic at its finest

[@Matt-bg5wg]

He stole everyone’s money from FTX. Most of the customers on FTX were just regular people like you and me.

[@lou7139]

I'm not sure who the sketch artist was drawing but I can say for certain it was not SBF.

[@sykoteddy]

Someone that rename himself to "Bankman" would never possibly scam anyone, cmon!

[@Laundry_Bloc16]

That good boy image he personified nearly made him get away with it

[@henlohenlo689]

the hedge fund company was used to money launder. its a form of layering used in money laundering.

[@user-rj5vt6zx7q]

Now his parents will die while he is in prison. Or even share an adjacent cell.

[@Ligucis306]

When u say he uses other people money for investment, but the same things banks doing so they are fraud to???!!

[@VVIPWORLDUSA]

Give your money to a kid, maybe this is what you get...

[@NyanyiC]

That courtroom artist has no chill. The facial features he/she chose to emphasize make the criminals look cartoonish!

[@FreeCryptoClass]

I watched the entire FTX movie. FTX and Alameda Research were both shady. He fooled millions of investors and hid his true intentions for a long time.

[@usernameisusername]

Damn. Dude is homely AF

[@garmar704]

Pierre Poilievre's inspiration-bro

[@steveng8727]

Parents are Stanford prof's, he'll get about 7 years.

[@ordinaryman2299]

his parents rode the gravy train and should be exposed for there part in all this, sam went on an insane spending spree that no amout of money would have sufficed, he drained over 10 billion in a couple of years and he was not really done spending when he ran out of stolen funds ???

[@justinh5076]

I wouldn't let this guy walk my dog around the block let alone hold my money

[@VinnieGer]

Hoping it’s 111 years because I have ocd.

[@williamangeles9761]

Facing not doing. 😂😂😂

[@salt-team-six5883]

His parents need to be arrested

[@IbnBahtuta]

For breeding? rofl

[@jasperherr8694]

When can we prosecute Jeff Bezos for allowing counterfeit items on Amazon?

[@DLN-ix6vf]

interesting that the only way some people can make a living is watching others fail !

[@donarmando916]

I remember very well that a number of entities in the crypto news space had him as a guest in their show and they treated him like he was something like a god or a genious and that's not too long ago,

[@ianochola424]

Yes 😅

[@robertmalone3997]

while he’s locked up he’ll try other scams

[@kcn7826]

the weasel got caught 😢

[@josephwallace7287]

Claw back his donations.

[@Hiiamsamm]

10B gone is mind boggling

[@kathieharine5982]

Is it 10B of phony crypto profits in the first place. Easy come - easy go.

[@brianjohnson6053]

It never existed in the first place

[@tommyang1634]

48 don't know ask 58

[@internetpolification]

This is all old news. Reported by others within minutes of the judgment.

[@carpathus]

10 to 1 the big guy pardons him. That or he'll spend one day a week at min security country club until paroled in a few months. Bank on it.

[@jaylm4112]

He might've wanted to emasse enormous wealth but come on if you read or heard anything about the dude he truly didn't care about to much of the quote finner things and i don't think it was an image I'm not defending him but it shows how prosecutors push their own narrative and what they think rather than reality

[@Omikoshi78]

S🤡M went from being eccentric to poor and dirty real fast

[@claudebujold4959]

His fried!😅

[@stephenr3910]

He engaged in practices that have gotten others convicted in the past. He didn't study history, apparently.

[@user-ml6kc4sc7c]

Forbes youngest Billionaire 🤣

[@simondaughtry4619]

Take your parents with you ...

[@xczechr]

Bye Felicia.

[@tiffdate1]

Bs.. he will probably go for 10-12 yrs and he will be sent home after few yrs and start a new crypto after 5 yrs..

[@badhabit714]

I can't wait for the movie.

[@jasperherr8694]

He had all the money but still went for a nerdy gal. Is that because that's his Hillary and he did have side chicks like Monica?

[@GeorgeEstregan828]

More like 110 seconds but okay

[@ronjr831]

I think his parents might be next.

[@KenjiEspresso]

Jesus! 😂

[@DoveBlue]

Hopefully, he will serve a better OR less, than 10 years and after his release, get a Government job…

[@DMalltheway]

Going to be life in prison

[@toddclean547]

No. He was NEVER an important person in this industry. Were you sucked in too?

[@josephbailey4463]

Time to give up the German pronunciation of Fried and go with the English pronunciation. 😮

[@craigdutton6072]

These geeks 😂

[@adjerram]

No he’s gonna make a deal like he did last month and get off Scott free Lolol and then he will do it again

[@michaelwinkelman7165]

Sammy will be just fine when he becomes someones new wife in prison.

[@NeoDon1]

This is old news you are late!

[@InesElm-dj9tn]

CRYPTO IS A SCAM TO STEAL YOHR MONEY GUYS 😂😂😂😂😂😂

[@joeytrujillo-rendon1642]

First

[@AdamEdward]

nice

[@geoms6263]

ye? the scratch my balls

[@IbnBahtuta]

I thought Leonard Nimoy was dead, but no, he has transgendered into sbf's mum. What a family.

[@danieleolivero9395]

I'm surprised that no maga republican has come out to defend his appeal, or to say that is republican persecution 😮

[@Daria-bg3ds]

why? He's a full blown democrat and his mother is a democrat activist amongst other things.

[@DMalltheway]

@@Daria-bg3dshe donated to republicans too

[@Daria-bg3ds]

@@DMalltheway Yes, but the amounts were significantly lower. He also donated to republicans that are going against the mainstream party values. AKA, democrats pretending to be republicans.

[@Danaman117]

He was a bum that got lucky, so he thought.

[@OganicaBean]

I’m one of the victims. Any idea where to claim my money back? Thank you.

[@trueseeker262]

Bankman .... Jeeeeeeeuuuuu!

[@kevinhealey6540]

Proverbs 28:22 A greedy one is in a hurry for wealth. He doesn't know that poverty will come to him.

[@yp77738yp77739]

There’s a shocker, a dishonest Hebrew. Never have thought it.

[@DefianceFinance]

Yeah, ok. Where's the money though?!

[@kathieharine5982]

In Money Heaven.

[@DefianceFinance]

Im serious though. Where is the $8b??? @@kathieharine5982

[@brianjohnson6053]

Lost in cyber space

[@DefianceFinance]

@@brianjohnson6053 🤦 why is everyone so stupid here?

[@ellisdylan007]

Jew.

[@koshabull208]

Typical of his ***tribe.***

[@autismandy3050]

most boring narrator ever

[@Unique8802]

Sam Bankman-Fried. The name says it all. He tried to cheat & did cheat Uncle (Sam) by using Banks through a foreigner(Man) & got Fried😂😂😂❤❤❤.

[@Eminetics]

Thankful 🥹 for some sort of Justice… but unfortunately he won’t get much jail time at all and will be going to rich person jail 😅