FTX founder Sam Bankman-Fried jailed in New York; judge says crypto mogul tampered with witnesses
FTX founder Sam Bankman-Fried jailed in New York; judge says crypto mogul tampered with witnesses
FTX founder Sam Bankman-Fried has been sent to jail after a bail hearing in New York City. Federal Judge Lewis A. Kaplan issued the order Friday.
FTX founder Sam Bankman-Fried was sent to jail Friday to await trial after a bail hearing for the fallen cryptocurrency wiz left a judge convinced that he had repeatedly tried to influence witnesses against him.
Couldn't have happened to a nicer guy.
Isn't he just so nice?!
He is the nicest billionaire.
If there was an electric chair he would be Fried Bankman-Fried
he's certainly never going to be Freed Bankman-Fried
Permanently Deleted
They were running a ~$50 billion company on quickbooks (!) without a single actual accountant on board.
The CEO brought in to manage the sinking ship said they were "grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company..."
This is the same CEO that managed the Enron debacle, mind you.
So, I'm starting to think these FTX folks are not exactly smart reasonable people.
Are his parents going to lose their house now?
No. Bail is collateral if a person fails to appear. Bail term revocation and bail bond forfeiture are entirely different things.
The New York government [pdf warning] says [emphasis added]:
While the case is open, the defendant must obey all court orders and attend all
scheduled court appearances. If not, the court may revoke bail, which means the
bond is forfeited and you lose your collateral.
Finally. Took long enough.
If there"s one thing I love but am perpetually frustrated by, it's how slow the US legal system is. Yes, "finally." OTOH, citizens have rights and one of them is innocence until guilt is judged, and also that we try really hard to not let the general public, under the influence of the 5th Estate, be that judge. It's super frustrating when it's obvious to me that the person is guilty. It can also be extremely unbalanced, with people whe can afford better council getting better benefits-of-a-doubt than the poor. But in general, we have a pretty good system which - if I were ever caught in - has protections I'd be grateful for.
For what it's worth, a lot of times the reason why these trials take so long is because they are trying to build an airtight case. Kind of the same reason why sometimes you see obvious murderers being treated "well" like that shitstain kid who shot up a school a few years back. They want to make sure there's no bias, no mistreatment, no cause for mistrial etc. It's frustrating but I guess I get it.
Disclaimer, I'm not a lawyer
I meant finally in that it’s been pretty obvious that he’s been engaging in witness tampering, and they’re finally throwing it at him on that alone. I understand the initial house arrest terms and such as reasonable as long as he didn’t do anything obviously illegal before trial, but it took too long for them to call him on these tampering charges. His FAFO should have happened sooner.
Good. Scum like him deserve to rot behind bars.
Five new felony charges too! You love to see it
He should have been in jail the whole time.
HOW LONG HOW LONG