6 ms·
Sam Bankman-Fried Sentenced to 25 Years
- arrowsmith 2y agoDuplicate story also on the front page: https://news.ycombinator.com/item?id=39852953 https://news.ycombinator.com/item?id=39852953
- jtriangle 2y ago25 years for stealing billions, life for running a website where people broke the law. Justice inc.
- joeybloey 2y ago[flagged]
- MBCook 2y agoI think that’s their point. But as white collar stuff goes seems pretty good to me.
- misiti3780 2y agoAre you comparing FTX to Silk Road?
- SlightlyLeftPad 2y agoIt’s not about justice. It’s all about who you know.
- riku_iki 2y agoMore like they robbed rich, which is no-no. Robbing poor is ok.
- cactusplant7374 2y agohttps://en.wikipedia.org/wiki/Ross_Ulbricht https://en.wikipedia.org/wiki/Ross_Ulbricht > The evidence that Ulbricht had commissioned murders was considered by the judge in sentencing Ulbricht to life and was a factor in the Second Circuit's decision to uphold the sentence. If this is what you are referring to... Commissioning murders makes him quite a dangerous person.
- kemayo 2y ago...didn't the Silk Road guy (which is what I assume you're referencing) also hire assassins to attack his criminal-enterprise opponents?
- Jerrrry 2y agoHe "hired" an FBI agent to kill another (non existing) FBI agent after being extorted and lied to by an FBI agent. But keep repeating the "truth" til it becomes facts. Remember the autistic kids that get set up by the FBI? That, but virtually.
- icapybara 2y agoMaybe I’m misunderstanding but are you suggesting that because he unknowingly hired a fake assassin, it’s not as bad of a crime?
- deleted 2y ago[deleted]
- kemayo 2y agoI mean, the transcripts don't look great even if it turns out that he was actually talking to a FBI agent who never actually did anything about it: > Dread Pirate Roberts 3/31/2013 8:59: Don't want to be a pain here, but the price seems high. Not long ago, I had a clean hit done for $80k. Are the prices you quoted the best you can do? https://www.wired.com/2015/02/read-transcript-silk-roads-boss-ordering-5-assassinations/ https://www.wired.com/2015/02/read-transcript-silk-roads-bos...
- mypastself 2y agoWas he convicted of that?
- deleted 2y ago[deleted]
- user90131313 2y agonow do and calcualte how many years Sam Trabucco of alameda got? hint, first word is z
- A_D_E_P_T 2y agoIn fairness, even 25 years is more than they give the average murderer. https://www.ussc.gov/sites/default/files/pdf/research-and-publications/federal-sentencing-statistics/state-district-circuit/2022/nys22.pdf https://www.ussc.gov/sites/default/files/pdf/research-and-pu... You could quite reasonably argue that SBF's sentence was, if anything, excessive. And, by extension, that Ulbricht's was simply grotesque.
- colinng 2y agoSam Bankman-Fried defrauded people. He didn’t intentionally create a digital black market, where everything from hit jobs, narcotics, poison, weapons, and human trafficking could (and were) conducted. And since there are many well-known marketplaces for legal activities (eBay, Craigslist, Kijiji, Facebook Marketplace, AutoTrader.com, need I go on?) then the only defining feature was that this was a black market. One cannot “accidentally” do this. So yes, aiding and abetting countless crimes and possibly murder —> life sentence. In that context do you still find it unjust?
- alephknoll 2y agoDupe [https://news.ycombinator.com/item?id=39852953 https://news.ycombinator.com/item?id=39852953]
- objektif 2y agoYeah there is a known cheat code that he used - Donate millions to the political party of your choice.( Preferably both) - Hire the best lawyers money can buy. - Avoid life sentence that peasants get for much simpler crimes.
- deleted 2y ago[deleted]
- josefresco 2y agoBernie Madoff got 150 years and I believe most (a lot of?) people got their money back. If being rich and powerful buys you "justice", where did Bernie fail?
- throwaway5959 2y agoHe made rich people lose money.
- dixie_land 2y agoHe scammed too many other rich and powerful people I think. Just stick with scamming the commoners and you'll be fine :)
- ajb 2y agoMany of his victims were rich and powerful - it was an affinity fraud.
- wmf 2y agoMadoff's investors lost massively compared to investing in index funds.
- jptv 2y agoMadoff destroyed families, and folks lifetime savings
- danpalmer 2y ago> most (a lot of?) people got their money back On average people got 70% of their money back I believe. However the story is way more complicated than that. Most Madoff investors put their money in decades before, saw 20+ years of growth, and took out dividends over those years. Most investors were pensioners living off their dividends. When the team came in to clear up the mess at the end, they redistributed the money according to pay-ins and pay-outs. So, imagine you put $1m into the fund in 1985, took $100k out per year, and in 2005, 20 years later, still had >$1m in the fund. In ~2010, the restructuring team would sue you for $1m because you had taken out $2m after putting in only $1m. But you don't have that money, all you've got is a house and a reasonable yearly salary. Unfortunately many people lost their houses and other assets because they had taken out more than their original contribution over the >20 year period. Even if you didn't take anything out, people bet the rest of their financial lives on the fact that their initial contribution had gone up. Only counting for inflation, getting back their initial investment would be a terrible financial outcome, but accounting for what they reasonably thought they had, this would still be ruinous. This is all why FTX saying people might get back their money is a terribly misleading statement.
- dcreater 2y agoWasn't he recommended to get a 100yr sentence previously?? 25 years is a pittance for the scale of crime he committed. People get life for less
- deleted 2y ago[deleted]
- deleted 2y ago[deleted]
- deleted 2y ago[deleted]
- colinng 2y agoScam Bankrun-Fraud? Couldn’t happen to a nicer person.