The verdict concludes a stunning fall from grace for the 31-year-old former billionaire.
  • fiat_lux@kbin.social
    111·
    11 months ago

    I’ll be very annoyed when he’s probably just sentenced to mansion house arrest, but for now I’ll accept this good news.

    • Kyrgizion@lemmy.worldEnglish
      13·
      11 months ago

      This guy didn’t just steal from little traders, he tried to pull a fast one on his overlords as well. He made the same mistake Madoff did. He’s going away for a long time.

      • fiat_lux@kbin.social
        51·
        11 months ago

        Fair point, but maybe he’s another one of these people who will get special considerations for information about larger companies that a government needs for evidence.

        Who knows? I ought to stop cynically speculating, but the world is making it hard not to.

        I do hope he’s another Shkreli though, who annoyed the old money boomers with his ostentatious nouveau riche antics enough to become their poster-manchild for their “See? Bad things do (sometimes) happen to bad rich people!” campaigns.

    • lobut@lemmy.caEnglish
      4·
      11 months ago

      I think it looks doubtful at this point.

      His co-conspirators perhaps? However from what I’ve heard he won’t because he didn’t plead guilty and a few other things probably means it’s coming down harder.

      I ain’t no lawyer, but I understand your sentiment. I’m still awaiting Trump to face some sort of consequence.

  • AutoTL;DR@lemmings.worldBEnglish
    3·
    11 months ago

    This is the best summary I could come up with:

    Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.

    They presented evidence that Bankman-Fried’s crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.

    Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he spent the money to repay Alameda lenders, buy property and make investments and political donations.

    Bankman-Fried made the risky move of taking the stand in his own defence, hoping to convince jurors that prosecutors had failed to prove he acted with criminal intent.

    Bankman-Fried defended the money transfers between his firms as “permissible” and testified that he was largely unaware of the financial hole described by his deputies until a few weeks before the FTX collapse last year.

    Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.

    The original article contains 573 words, the summary contains 188 words. Saved 67%. I’m a bot and I’m open source!