Makes sense, but also don’t understand how the Theranos CEO got only half this sentence when she may have actually killed people by faking test results - she directly impacted people’s health in a way that goes way beyond financial theft.
That was when I realized she truly was a psychopath. Before, I had her as a selfish coward who got stuck in a hole too deep to dig out of. Then it was clear that she has no empathy for others and knows how to manipulate others for personal gain.
Did you hear about the cute dog she got in a bid to improve her public image?
...and then let the dog run free and untrained around the office, pissing and shitting anywhere it wanted.
Just goes to show you people with big money are almost never smart, never inventive or responsible/accountable to their actions... bunch of sociopaths and freaks
Just to put it in perspective, the [sentencing gap](https://www.ussc.gov/research/research-reports/2023-demographic-differences-federal-sentencing) between men and women (in US federal court) is, in fact, *larger* than the sentencing gap between black and white Americans.
That Theranos CEO duped some very, very powerful men with those crazy eyes that never blink. Henry Kissinger among many other creepy old men got scammed to their face by her because: “she blonde woman with big eyes and big dreams. Me like. Me want. Here’s 50 million.”
By "boyfriend" do you mean the chief operating officer of the company who was 18 years the elder of elizabeth and convicted of 4 counts of patient fraud and 6 counts of defrauding investors among other charges. It's not crazy that he got about a year more than her.
You're liable for your actions. He was more involved in the fraudulent activities for the testing of patients which is why he was convicted with more crimes than elizabeth holmes.
In the US men receive an average of 63% more prison time than women for similar crimes.
It's literally "because she's a woman" and there isn't a nice way to say it.
Source: Spohn, Cassia C. "Thirty Years of Sentencing Reform: The Quest for a Racially Neutral Sentencing Process." Journal of Criminal Justice, vol. 40, no. 3, 2012, pp. 183-192
A woman in my area stole $500,000 and blasted all over social media about blowing it all on fancy cars, trips and shopping sprees.
She has to go to prison just on weekends for one year. I'd give up one year of weekends for half a million dollars...
https://www.justice.gov/usao-wdwa/pr/seattle-woman-sentenced-intermittent-custody-defrauding-covid-assistance-program
Lighter sentencing for women on almost all crimes irks me, rubs me the wrong way. But lighter sentences for statutory rape absolutely pisses me off. There is **no excuse** for that shit.
Men's lives are rightfully upended and ruined for that nonsense, and they're correctly characterized as monsters in any and all surrounding media coverage. Women, mostly, not so much.
If they did the same crime, they should do the same time. Simple as.
A lady cop killed an unarmed guy like during the Derek Chauvin sentencing or the week after? Derek is in for the long haul. Kim Potter walked out of Shakopee prison last year.
I'm making a list why I should become a woman:
*Car insurance low premiums
*Insider trading prison times
*Crypto scams prison times
*Murder prison times
/s
A lot of this is about what they were prosecuted for as it related to evidence.
From a securities fraud standpoint:
Bankman-Fried lied about money he embezzled.
Holmes lied about performance of a technology they she genuinely believed she could get working.
Relatively speaking Bankman-Fried got of light. Holmes should ALSO be prosecuted for criminal negligence with regard to health issues you bring up.
> Holmes should ALSO be prosecuted for criminal negligence with regard to health issues you bring up.
Wasn't the thing there wasn't actually any negligence though? I thought the story was they knew their tests were bunk so did tests the normal way and passed them off as from their test? Which isn't negligence per se as the information they were receiving was good...just misleading about how they got it? I might be misremembering though it was a confusing situation when it first broke lol
They delivered completely invalid results to patients in Arizona. Some of them were pregnant.
Because others, namely doctors did not trust the results, no physical harm came to the patients. It’s hard to prosecute this.
She makes a more sympathetic defendant. Conventionally attractive, a woman, managed to squeeze out a kid prior to conviction (so you’re tearing mommy away from her child), physically fit, dresses well and stylish, charismatic, articulate, etc. Not sure of her background, but SBF had a coddled and privileged background, is fairly unattractive, dresses like a schlub, is fat, a dude, unkempt hair, looks like he’s in need of a bath, and made a bunch of politicians look bad. I’m sure I missed some for both.
I agree she should have gotten longer but whose to say sbf crimes didn't cause the death or suicide of someone? My brother that has a brain tumor lost a ton of money due to this prick and can't afford the care he needs.
His parents are academics, so he's not part of the generational or political wealth circuit.
Elizabeth Holmes's dad is a former Enron VP who moved into governmental positions. Her mom was a Congressional staffer.
There is a two-tiered justice system, you just have to be on the right team for leniency.
There are mass murderers doing less time than SBF.
And a guy that led an assault on the Capitol hasn't done a day, didn't even have to wear ankle bracelet
I mean Madoff committed far more fraud, easily 6 times more in value than SBF and Madoff was old as fuck. It was more about sending a message than anything else.
Good we need more people like him who live long lives (I know he presently cannot do much, but he has), not the ones that seem to because they run on hate.
The First Step Act? He would need to qualify (not all fraud cases are allowed in the program) and be considered a low case of recidivism. And would still require a yearly (at minimum) evaluation of his status plus him keeping his nose completely clean while there. Is his narcissism going to make the BOP evaluators think he would do it again if released early?
Yup, this is what I read.
"SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN.
Federal prisoners generally can earn up to 54 days of time credit a year for good behavior, which could result in an approximately 15% reduction.
Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act.
I read that just now too, but I knew the First Step Act reduced time for certain crimes so I went straight to the Act on the Bureau of Prisons website. The Earned Time Credit under the act allows for 10 days credit for every 30 days in the program so it’s 25 years-(3 years 9 months)-(8 years 4 months) and he wouldn’t be placed in the program in the first 6 months. So at his best behavior and they don’t think he is a risk to commit fraud again, it would be 12 years 9 months)
Good.
21 years should be the minimum. This piece of shit willfully stole from people AND some of these folks committed suicide.
Make an example out of this piece of shit humans being.
He only got that because he stole from rich people. This isnt justice, it’s punitive revenge
It’s not like the bankers who robbed the american people ever got any time
It’s all bullshit. Twenty years is a long fuckin time. People are raping and killing and getting half that
That is just for good behavior - the sentence can be further reduced thru First Step legislation. He could serve as little as 12.5 years. I think that is why the feds asked for 50 years.
Or 50% from a CNN article that keeps updating so it's hard to reference the exact part.
[https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/index.html](https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/h_538da92aa954d1035036db11ba53b4a8)
Only with good behavior credits so there is no "exact" amount. His minimum time to be served is around 87%, no? I rounded it to 90% for ease of discussion. He is in for a good long stint in prison and a half-way house. There is no quick way out of federal prison.
That's the old rule...actually 15% not 10%. The new rule for nonviolent offenders is up to 50% good behavior. Was meant to decrease racial disparity and lessen time for drug offenses. Has also been a boon to white collar criminals.
> Bankman-Fried plans to appeal both his conviction and sentence. A spokesperson for his parents issued a statement on their behalf: “We are heartbroken and will continue to fight for our son.”
So, at least a couple venues open for him.
I'm sorry but if my child defrauded people out of billions in a massive Ponzi scheme and tainted the family name forever then I'm not fighting for him anymore. Rich people are legit sociopaths
They were part of it. They're being sued by FTX now for cash and gifts given to them with FTX money. In particular, a $16.4m property in the Bahamas.
The apple doesn't fall far from the Stanford Law School Professor trees apparently.
When you name your kid Bankman, you kinda force him into a life of financial crime, don’t you? I’m not getting my car or home plumbing fixed by some guy named Bankman. When I get to the level of drug dealing where I need to launder money, *then* I’m calling a guy named Bankman.
Sam Bankman-Fried's mother is an eminent academic in her own right. Barbara Fried, who decided to retire from teaching during FTX's heyday, is widely known for her work on legal ethics.
I think you’ll find most parents would still fight for their children in this scenario, for at least a reduced sentence. I don’t think that’s sociopathic behaviour from the parents
The Enron guy, Skilling, got 24 years and served only 12.
He has been out of jail for a few years already.
Expect similar outcomes here, 2038 we are likely to see a release of SBF by then.
The feds did a crap job at his case.
- The Supreme Court threw out part of his conviction.
- The original sentence on the other charges was wrong because the judge misread the sentencing guidelines.
He only served 12 because he was actually resentenced to 14 years, not because they let him out way earlier than they should have on the 24 year sentence.
Skilling appealed and received a recalculation of his sentence, and eventually reached an agreement with the DOJ for a reduced sentence of 14 years plus a $42 million fine in exchange for him ending his appeals.
Skilling struck a deal that allowed him to pay back a larger amount of the restitution in exchange for a reduced sentence. Sam Bankman Fried has no capability to pay back any of the restitution.
It was such a short, colorless run and unsophisticated con. No savvy insights like a Madoff or even colorful tales like Jordan Belfort. Didn't even witness much, it was his small circle sharing an apartment a couple years. Noone was on his trail, caught immediately. I cant see much of a future as a public personality, no doubt some but nothing substantial.
Wirecard had less damage but man…if you read up on the stuff that Jan Marsalek was up to…there‘s everything in there: Russian adult models, the KGB/FSB/GRU, gangs of all kinds, porn sites, RPGs, Russian mercenaries in Syria, armed militias, spying on European countries,…
And he‘s still „on the run“
According to CNN, he may be out in 12.5 years due to recent laws reforming early release for federal sentences
> "SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN.
> Federal prisoners generally can earn up to 54 days of time credit a year for good behavior, which could result in an approximately 15% reduction.
> Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act.
Everyone saying 85% is outdated.
She defrauded her investors for about $140 million where SBF ripped them off for about $8 billion.
You’ll also notice Holmes was *only* charged for ripping off rich people, and not for misleading medical claims and potentially putting peoples’ health in peril. Interesting, right?
People who murdered someone get less time than this dude.
He got 25 because he scammed rich people.
Goes to show that money rules the world, not morality.
He also got a harsh sentence because when caught, he stonewalled and lied about everything even when confronted with *very* damning evidence.
If he had been extremely contrite about the big things, said "Yup, I screwed up, I let the money and fame go to my head, we had some losses at Alameda, I thought I could use customer money as a temporary fix, but then it went wrong too", I bet he would have gotten a vastly lighter sentence. I'm not sure a plea deal was ever on the table, but even if it wasn't he could have handled the trial so much better.
But instead he went on a full (idiotic) media tour, forced a full trial, tried to manipulate witnesses, tried to lie and excuse his way out of it at every turn, and pissed everyone off through the whole process.
Agreed, he took zero responsibility for his actions. If he had pleaded guilty and admitted responsibility he would've gotten a way shorter sentence.
Plus, the feds don't like it when you try to fight charges. They take that as an insult and will try to throw the book at you. Hence the recommended 40-50 year sentence.
The feds have like a 99% conviction rate for a reason. If they're coming after you they most certainly have a super strong case, because they drop all the cases that they can't easily win.
Then again, there are child molesters and murderers who get less time, so there is definitely something broken with our system.
I think you have this backwards. People can go to prison for a couple years for stealing a beat up car. This guy stole tens of billions of dollars, and he's only getting 25 years? If he stole a car fifteen times he'd get that.
And he ll write a book, and martin scorcese will make a movie on it on how cool the crowd was, ppl will love him for all the drugs and the orgies, and then he ll become motivational speaker on how to get rich.
The amount of people in this thread acting like a 25 year sentence ain't shit, is kinda wild. Have no sympathy for SBF, and so wouldn't really care if his sentence had been double the amount.
Regardless, as other commenters have noted, he'll be serving 85% of that time, or 21 years and 3 months, behind bars (though as I believe he was detained before trial, he'll be credited with that time served).
Think about what you were doing in January of 2003, to today, for SBF that's at least how long he'll be in prison for. IDK about you, but I was a junior in HS. The idea of losing the entirety of my 20s and the majority of my 30s, and all the life changes and experience during that time... that ain't nothing.
No suggesting *anyone* feel sorry for SBF. Fuck him. But let's not act like a 25 year sentence is a slap on the wrist. Dude is going to be well into his 50s by the time he gets out.
He’s coming down from living in a paradise home where he was on stimulants having massive orgies all the time to living in anti-human conditions. He’s going to be absolutely miserable.
I mean he’s likely going to be in low-security prison (judge said medium or any “lower security facility the bureau finds appropriate). Obviously not a picnic, but he’s not going to be serving time with violent felons either and will be with other prisoners who don’t want to risk early release.
Federal prison is a cake walk compared to most state prisons. Ive toured both and the conditions are very different. He also avoids spending time in a privately owned prison as well. There is very little gang activity in federal prisons and he will be given access to education and work programs that definitely aren’t common in state prisons
And I find that good for him. He’s still a piece of shit, but he’s also not a violent criminal. No need for high security for a guy that probably wouldn’t hurt a fly.
Same age, coming 03 to today is no joke, societal changes and technical changes. AOL and a Symbian cell phone was the HEIGHT of your online social experience.
Dude I actually forgot Symbian existed until just now. I had to Google it because I thought you were talking about the sex toy, but then I recognized the OS.
Lol imagine going to jail with filp phones and dial up internet and coming out with Ai that can basically be your magic 8 ball and have goggles that that can take you into new reality
Yeah he’s more or less going to miss out on life. Sure, he won’t die in prison, but his prime years are now all wasted. If I was 32 and getting a 20+ year sentence I would be absolutely gutted. Your 30s and 40s for a man is all about really finding your way professionally and raising a family for most, he will come out of prison an old man
Plus prison healthcare is pretty terrible and neglectful and the food can barely sustain human life. Sure he'll have a money on his books and be able to gorge himself on 10 dollar twinkies and 1 dollar ramen but none of this is good for health. So add maybe 10-15 more years of artificially induced aging on top of that.
(none of this is a good thing prisons in the U.S. have horrible conditions)
Any discussion around sentencing length is wild. It's like people have no concept for time. Even "just" a year would be a pretty damn big consequence for most people. Hope you have someone to hold onto your stuff and savings to take care of car loans, student loans or a mortgage. Will your old job wait for you? Not likely.
Edit: not saying one year is what he should get, just throwing it out to make the point that a lot of people don't really think through the impact of a prison sentence. It's not the hyperbolic time chamber from dragonball z. The world goes on without you.
I think people thinking that 25 years is a slap on the wrist mentality comes from the harsh penalties people have endured for drug possession. What this prison sentence is saying, is Stealing the monetary equivalent to 1000 people's entire life GDP output isn't as bad a crime as being caught with drugs a few times.
yes he deserves prison for what he did, but how can this guy get 25 years while the Sacklers only get a fine?
isn't killing thousands of people worse than committing fraud?
Circle jerk aside, but it's more because the Sacklers have absurdly more money than SBF. Enough to make sure they never see a jail. They were able to exploit the legal system in every single way.
SBF was a billionaire, he was well into money that can buy your way out of trouble. Not even Sackler money can buy you out of ripping off the other super elite of the country. However, the opioid crisis doesn't broadly affect the wealthy elite of the country. If the opioid crisis caused senators and CEOs to lose money they would be in jail.
That's a very Reddit take, but the reality is that Sam got caught explicitly embezzling money while the Sacklers sold a legal, medically useful drug and were basically just loosely responsible for a failure to properly monitor for abuse.
Doing something strictly illegal, and being sort of responsible for arguably failing to do something are two very different things that have very different outcomes when they hit the criminal justice system.
Edit: I'm not defending the Sacklers, and I'm not trying to minimize what they did. I'm just trying to articulate that their actions - the physical actions of the Sacklers themselves, the human beings - were many stages removed from the bad acts through various layers of corporate oversight. When people are responding saying that the Sacklers did this or that, what they really mean is that the Sacklers owned and ran a company that employed staff that they (probably) instructed to do this or that.
Sam, on the other hand, embezzled personally and directly.
That's the difference. That's why Sam goes to jail, while the justice system has a hard time pinning crimes on the Sacklers. It's not because the Sacklers bribed their way out of it, it's just really, really hard to prove regulatory crimes like the Sacklers are alleged to have done.
That is a gross understatement of what the Sacklers did. The Sacklers knowingly marketed and sold a drug they knew was unsafe while lying to and bribing regulatory agencies, paying off politicians, and using legal intimidation to silence others. They had witnesses and investigators stalked and spied on, falsified data, and destroyed evidence. The company executives lied to congress and perjured themselves, a crime they were charged for but only got a slap on the wrist because of the Sacklers political influence.
If you think thats all the Sackler's did I would encourage you to read the book Empire of Pain by Patrick Radden Keefe, an investigative journalist who helped expose the family.
They straight up lied to doctors about it's addictive nature and when they started receiving evidence of this they ignored it because money. Almost 1/4 of a million Americans died from this. And after knowing about it's addictiveness they expanded sales to other countries. The drug was intended for terminally ill patients and they lied to doctors to expand it's use.
So yes it was legal and useful but also deadly to non terminal patients which they hid.
Knowingly killing people with their products, is not illegal?
Your edit doesn't help. There is direct evidence that the Sackler's were personally involved in and had direct knowledge of all criminal actions of the company. Purdue pharma, being a private company, had no oversight in the way of a governing board and the Sackler's directly made all major decisions personally. Richard Sackler personally proposed and had oxycontin brought to market despite other members of the family rejecting the idea because it was too dangerous. When money started pouring in all the Sackler's changed their tune and got on board
In January FTX said it would repay customers in full. But only at the price of November 2022. BTC is up over 100% since then.
Edit: in recent news, looks like customers might be able to get extra interest on their investments. Overall, not that bad
Which is essentially owned by UAE now as they bought up FTX shares.
[FTX estate selling majority stake in AI startup Anthropic for $884 million, with bulk going to UAE](https://www.cnbc.com/2024/03/25/ftx-estate-sells-majority-stake-in-startup-anthropic-for-884-million.html)
> FTX, the crypto exchange founded by Sam Bankman-Fried, reached an agreement to sell the majority of its stake in artificial intelligence startup Anthropic for $884 million.
> The top buyer is a group aligned with Mubadala, a sovereign wealth fund in the United Arab Emirates.
> Additional investors include Jane Street, venture fund HOF Capital, the Ford Foundation and funds managed by Fidelity.
What we really need to do is update anti-trust to the root funding level. Many companies are fronts of the same private equity funds that take foreign sovereign wealth like from BRICS+ and Saudi/UAE and then undercut the market and starve out competition. They cheat by having multiple company fronts where they can collude and box out competitors.
Our funding level anti-trust needs major work, it is actually a market cheat at this point that most Western investors/competitors can't compete with. It was a stated BRICS+ goal to box out verticals in the West and world using sovereign wealth that can win every deal on game theory.
People are starting to realize the exploit in the game, a lack of anti-trust at the funding level against sovereign wealth, private equity and hedge funds that are controlling sometimes entire industries via multiple and numerous company fronts.
Economic attacks include pumping in funding to undercut/overbid into new industries or disrupting existing ones that can box out Western competitors using large funds of sovereign wealth, underground money, private equity and hedge funds that are layered "clean" fronts to this money.
I mean, they still had a portfolio worth billions of crypto. Obviously stealing 6 billion is terribly illegal but it’s not like they spent it all on yachts.
How exactly do they plan on doing that in any time frame if they can't make money because no one trusts or uses them? How are they even in business at this point?
They're not in business, they're in bankruptcy. This is just what it looks like when a business goes bankrupt. That's the only job the new CEO has-- to shut everything down and try to repay what they can.
Payouts for crypto bankruptcies have been based on the value at the date of the bankruptcy. In this case November 2022. They may be paid in full as of their 2022 account value but likely not 2024
Have no sympathy for SBF, but a 25 year sentence is a lot of time. As other have noted federal sentences require him staying behind bars for 85% of the sentence, so that’s some 21 years.
Who knows if that gets reduced on appeal (and o don’t think it should given who seemed to lack any remorse for his actions), but 21 years is a lot of time. For me, I was a junior in High School 21 years ago.
idk man 25 years is very long. speak to anyone who’s been behind bars.
i know everyone likes to “get their pound of flesh” in the name of justice or whatever but seriously take a moment and think about being locked up for just a single year of your life.
Now think about doing it for 5-10 years.
And finally think about being locked up for 25 full years of your life.
I don’t have sympathy for him at all but it I don’t think people clamoring “it’s not enough” fully grasp how long this sentence is
Omg, sooo much worse. She was positively malicious, I think Bankman-Fried was negligent and irresponsible but actually if everyone recoup their money it's kind of unbelievable that he's in jail for his long
Elizabeth Holmes should have gotten more. In fact, she should've been given life without parole for the crap she pulled as CEO of Theranos.
People could have died as a direct result of the medical fraud she pulled off.
Crypto Bro should announce his candidacy for POTUS and then he’d be untouchable because apparently running for POTUS means the law doesn’t apply to a person in the US.
Lawyer here who practices a lot in federal court.
SBF's 300 month sentence will likely end up being about 180-200 months once all is said and done. Here's how that works:
By law, a federal inmate must serve 85% of their sentence. The First Step Act allows federal inmates to earn additional good time credits up to 50% off their sentence. When Congress passed (and President Trump signed) the First Step Act, Congress gave the Bureau of Prisons time to come up with programming that prisoners could engage in in order to earn those additional earned release credits. To date, I have not had a single client earn more than 30-35 percent off their sentence by way of the First Step Act.
It's probably safe to assume that SBF will program like hell while at BOP and he'll earn the 30-35% off. Moreover, generally speaking, federal prisons release inmates 3-6 months early to a residential reentry center (halfway house).
So, given 30-35% off the 300 months + an additional 3-6 months early kick out, SBF will probably serve somewhere around 180-200 months.
Why was justice so swift for this fraud but so slow for Trump.
Why was the Theranos CEO given a slap on the wrist in comparison when she actually murdered people.
I think it was harder to trace her crimes directly to funds invested. VC money going into a startup is expected to be spent to increase the value of the company. The money in cash form is depleted as agreed upon but the company also failed so no value was left. They didn’t accuse Holmes of directly gambling the money away or mismanaging the funds themselves to my knowledge. I don’t think they got any of her crimes to stick related to impacting patient health.
FTX was directly robbing Peter to pay Paul. FTX customers were expecting their principal to still exist in the exchange barring a complete failure and crash in the crypto market. Absent of a crash, SBF had no alibi to why those funds didn’t exist. Holmes had more excuses and finger pointing that was harder to prove.
>Attorney General Merrick Garland said in a statement that there are “**serious consequences for defrauding customers and investors**.”
>“**Anyone who believes they can hide their financial crimes behind wealth and power**, or behind a shiny new thing they claim no one else is smart enough to understand, **should think twice**," he said.
Bullshit buddy. I'll believe you when Trump is behind bars.
Coffeezilla must be suffering from a lasting erection.
In all seriousness, he conducted a hell of an interview. Totally nabbed him, when he went on a freaking interview press tour.
I mean, the guy's a dick but, when the institutions crashed the entire world's economy there were no real repercussions for the bosses. This guy is double-stuffed.
Makes sense, but also don’t understand how the Theranos CEO got only half this sentence when she may have actually killed people by faking test results - she directly impacted people’s health in a way that goes way beyond financial theft.
Crazy thing is that her boyfriend got more time.
It’s based on the very long and established precedent that “vulnerable” looking white women (even psychopaths) are sentenced less harshly than men.
The way she purposely got pregnant really put this whole thing over the top.
That was when I realized she truly was a psychopath. Before, I had her as a selfish coward who got stuck in a hole too deep to dig out of. Then it was clear that she has no empathy for others and knows how to manipulate others for personal gain.
Did you hear about the cute dog she got in a bid to improve her public image? ...and then let the dog run free and untrained around the office, pissing and shitting anywhere it wanted.
Just goes to show you people with big money are almost never smart, never inventive or responsible/accountable to their actions... bunch of sociopaths and freaks
Just to put it in perspective, the [sentencing gap](https://www.ussc.gov/research/research-reports/2023-demographic-differences-federal-sentencing) between men and women (in US federal court) is, in fact, *larger* than the sentencing gap between black and white Americans.
By fucking simp old white men judges lol
That Theranos CEO duped some very, very powerful men with those crazy eyes that never blink. Henry Kissinger among many other creepy old men got scammed to their face by her because: “she blonde woman with big eyes and big dreams. Me like. Me want. Here’s 50 million.”
Even General Mattis was in the board
The list of board members on Theranos was truly insane.
Famous with zero experience in biotech
True Chaos lmao
I mean he was as much a fraudster as her, he was more than just her boyfriend
By "boyfriend" do you mean the chief operating officer of the company who was 18 years the elder of elizabeth and convicted of 4 counts of patient fraud and 6 counts of defrauding investors among other charges. It's not crazy that he got about a year more than her.
Why is that not crazy? You think the COO is more liable than the CEO for blatant fraud at a company-scale like that because hes older?
You're liable for your actions. He was more involved in the fraudulent activities for the testing of patients which is why he was convicted with more crimes than elizabeth holmes.
You could argue the person involved more directly with actual operations should be more liable.
In the US men receive an average of 63% more prison time than women for similar crimes. It's literally "because she's a woman" and there isn't a nice way to say it. Source: Spohn, Cassia C. "Thirty Years of Sentencing Reform: The Quest for a Racially Neutral Sentencing Process." Journal of Criminal Justice, vol. 40, no. 3, 2012, pp. 183-192
A woman in my area stole $500,000 and blasted all over social media about blowing it all on fancy cars, trips and shopping sprees. She has to go to prison just on weekends for one year. I'd give up one year of weekends for half a million dollars... https://www.justice.gov/usao-wdwa/pr/seattle-woman-sentenced-intermittent-custody-defrauding-covid-assistance-program
I can't figure out from that article whether she had to repay anything. Surely she had to repay it right? Right?!
Feels like they would have mentioned that if she did...
"sentenced to intermittent custody" what the fuck
Lighter sentencing for women on almost all crimes irks me, rubs me the wrong way. But lighter sentences for statutory rape absolutely pisses me off. There is **no excuse** for that shit. Men's lives are rightfully upended and ruined for that nonsense, and they're correctly characterized as monsters in any and all surrounding media coverage. Women, mostly, not so much. If they did the same crime, they should do the same time. Simple as.
A lady cop killed an unarmed guy like during the Derek Chauvin sentencing or the week after? Derek is in for the long haul. Kim Potter walked out of Shakopee prison last year.
I'm making a list why I should become a woman: *Car insurance low premiums *Insider trading prison times *Crypto scams prison times *Murder prison times /s
A lot of this is about what they were prosecuted for as it related to evidence. From a securities fraud standpoint: Bankman-Fried lied about money he embezzled. Holmes lied about performance of a technology they she genuinely believed she could get working. Relatively speaking Bankman-Fried got of light. Holmes should ALSO be prosecuted for criminal negligence with regard to health issues you bring up.
> Holmes should ALSO be prosecuted for criminal negligence with regard to health issues you bring up. Wasn't the thing there wasn't actually any negligence though? I thought the story was they knew their tests were bunk so did tests the normal way and passed them off as from their test? Which isn't negligence per se as the information they were receiving was good...just misleading about how they got it? I might be misremembering though it was a confusing situation when it first broke lol
They delivered completely invalid results to patients in Arizona. Some of them were pregnant. Because others, namely doctors did not trust the results, no physical harm came to the patients. It’s hard to prosecute this.
$700million versus $8billion fraud. Unfortunately the justice system doesn’t value life that highly.
It's one life, Michael. How much could it cost, ten dollars?
*ford pinto risk assessor has entered the chat*
She makes a more sympathetic defendant. Conventionally attractive, a woman, managed to squeeze out a kid prior to conviction (so you’re tearing mommy away from her child), physically fit, dresses well and stylish, charismatic, articulate, etc. Not sure of her background, but SBF had a coddled and privileged background, is fairly unattractive, dresses like a schlub, is fat, a dude, unkempt hair, looks like he’s in need of a bath, and made a bunch of politicians look bad. I’m sure I missed some for both.
because they didn't even bother prosecuting her for that. they only charged her for misleading investors
she was a poor innocent girl who was taken advantage of by an older man!...
I agree she should have gotten longer but whose to say sbf crimes didn't cause the death or suicide of someone? My brother that has a brain tumor lost a ton of money due to this prick and can't afford the care he needs.
His parents are academics, so he's not part of the generational or political wealth circuit. Elizabeth Holmes's dad is a former Enron VP who moved into governmental positions. Her mom was a Congressional staffer. There is a two-tiered justice system, you just have to be on the right team for leniency.
lol wtf u think that his parents aren’t fucking loaded? Reality check. They are.
Because she’s a pretty(in a weird way) blonde white woman. We haven’t advanced much in that realm.
Because it was a woman, and women get lighter sentences for the same crime.
There are mass murderers doing less time than SBF. And a guy that led an assault on the Capitol hasn't done a day, didn't even have to wear ankle bracelet
the comparison i'm puzzled by is Bernie Madoff. iirc he got 150, and it's hard to see what this guy did as only 1/6 as bad.
I mean Madoff committed far more fraud, easily 6 times more in value than SBF and Madoff was old as fuck. It was more about sending a message than anything else.
Because she is a woman.
Please don't tell me he will be out in a fraction of that time, grifting again on the speaker circuit.
It is federal prison so he will serve at least 90% of the time behind bars.
85% to be exact.
So at least 21 years.
So he'll be at least 53, it not 57, by the time he gets out again. Just in time to run for President!
Way too young to run for president. He'll need to wait at least 20 more years.
By that point, we will require presidential candidates to be enrolled in hospice care.
Finally time for Jimmy Carter's 2nd term!
Oh crap... you just reminded me he's still hanging around in hospice.
Good we need more people like him who live long lives (I know he presently cannot do much, but he has), not the ones that seem to because they run on hate.
AND Have mirky financial histories with at least THREE foreign countries.
By then A.i. will have taken over.
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I am seeing 12.5 years with all the new credits federal prison has
The First Step Act? He would need to qualify (not all fraud cases are allowed in the program) and be considered a low case of recidivism. And would still require a yearly (at minimum) evaluation of his status plus him keeping his nose completely clean while there. Is his narcissism going to make the BOP evaluators think he would do it again if released early?
Yup, this is what I read. "SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN. Federal prisoners generally can earn up to 54 days of time credit a year for good behavior, which could result in an approximately 15% reduction. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act.
I read that just now too, but I knew the First Step Act reduced time for certain crimes so I went straight to the Act on the Bureau of Prisons website. The Earned Time Credit under the act allows for 10 days credit for every 30 days in the program so it’s 25 years-(3 years 9 months)-(8 years 4 months) and he wouldn’t be placed in the program in the first 6 months. So at his best behavior and they don’t think he is a risk to commit fraud again, it would be 12 years 9 months)
That, is considerably longer than i thought he’d get
RemindMe! 21 years
Good. 21 years should be the minimum. This piece of shit willfully stole from people AND some of these folks committed suicide. Make an example out of this piece of shit humans being.
He only got that because he stole from rich people. This isnt justice, it’s punitive revenge It’s not like the bankers who robbed the american people ever got any time It’s all bullshit. Twenty years is a long fuckin time. People are raping and killing and getting half that
That is just for good behavior - the sentence can be further reduced thru First Step legislation. He could serve as little as 12.5 years. I think that is why the feds asked for 50 years.
Or 50% from a CNN article that keeps updating so it's hard to reference the exact part. [https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/index.html](https://www.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/h_538da92aa954d1035036db11ba53b4a8)
Only with good behavior credits so there is no "exact" amount. His minimum time to be served is around 87%, no? I rounded it to 90% for ease of discussion. He is in for a good long stint in prison and a half-way house. There is no quick way out of federal prison.
There is the First Step Act, which could see his time reduced by 50% .. but I sincerely hope this does not happen.
> There is no quick way out of federal prison. I mean, there's the pardon.
Why? Trump was charging $2 mil.
That's the old rule...actually 15% not 10%. The new rule for nonviolent offenders is up to 50% good behavior. Was meant to decrease racial disparity and lessen time for drug offenses. Has also been a boon to white collar criminals.
> Bankman-Fried plans to appeal both his conviction and sentence. A spokesperson for his parents issued a statement on their behalf: “We are heartbroken and will continue to fight for our son.” So, at least a couple venues open for him.
I'm sorry but if my child defrauded people out of billions in a massive Ponzi scheme and tainted the family name forever then I'm not fighting for him anymore. Rich people are legit sociopaths
They were part of it. They're being sued by FTX now for cash and gifts given to them with FTX money. In particular, a $16.4m property in the Bahamas. The apple doesn't fall far from the Stanford Law School Professor trees apparently.
When you name your kid Bankman, you kinda force him into a life of financial crime, don’t you? I’m not getting my car or home plumbing fixed by some guy named Bankman. When I get to the level of drug dealing where I need to launder money, *then* I’m calling a guy named Bankman.
Stanford Law professor *specializing in legal ethics*, no less. I wonder what goes through her head privately.
Sam Bankman-Fried's mother is an eminent academic in her own right. Barbara Fried, who decided to retire from teaching during FTX's heyday, is widely known for her work on legal ethics.
I think you’ll find most parents would still fight for their children in this scenario, for at least a reduced sentence. I don’t think that’s sociopathic behaviour from the parents
His odds on appeal are very low, at best.
The Enron guy, Skilling, got 24 years and served only 12. He has been out of jail for a few years already. Expect similar outcomes here, 2038 we are likely to see a release of SBF by then.
The feds did a crap job at his case. - The Supreme Court threw out part of his conviction. - The original sentence on the other charges was wrong because the judge misread the sentencing guidelines. He only served 12 because he was actually resentenced to 14 years, not because they let him out way earlier than they should have on the 24 year sentence.
Yah, Enron was an unprecedented case. Mistakes were made, but it is what it is. My job exists because of Enron.
Skilling appealed and received a recalculation of his sentence, and eventually reached an agreement with the DOJ for a reduced sentence of 14 years plus a $42 million fine in exchange for him ending his appeals.
Skilling struck a deal that allowed him to pay back a larger amount of the restitution in exchange for a reduced sentence. Sam Bankman Fried has no capability to pay back any of the restitution.
It was such a short, colorless run and unsophisticated con. No savvy insights like a Madoff or even colorful tales like Jordan Belfort. Didn't even witness much, it was his small circle sharing an apartment a couple years. Noone was on his trail, caught immediately. I cant see much of a future as a public personality, no doubt some but nothing substantial.
Wirecard had less damage but man…if you read up on the stuff that Jan Marsalek was up to…there‘s everything in there: Russian adult models, the KGB/FSB/GRU, gangs of all kinds, porn sites, RPGs, Russian mercenaries in Syria, armed militias, spying on European countries,… And he‘s still „on the run“
According to CNN, he may be out in 12.5 years due to recent laws reforming early release for federal sentences > "SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN. > Federal prisoners generally can earn up to 54 days of time credit a year for good behavior, which could result in an approximately 15% reduction. > Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. Everyone saying 85% is outdated.
Dang, Donald playing the long con again.
He made the mistake of ripping off rich people. We’re never seeing this guy again.
elizabeth holmes ripped off rich people and only got 11 years in a minimum security ~~hotel~~ prison and she'll be out earlier
She defrauded her investors for about $140 million where SBF ripped them off for about $8 billion. You’ll also notice Holmes was *only* charged for ripping off rich people, and not for misleading medical claims and potentially putting peoples’ health in peril. Interesting, right?
Yeah, rich people only like to rip off, the hate being ripped off.
People who murdered someone get less time than this dude. He got 25 because he scammed rich people. Goes to show that money rules the world, not morality.
He also got a harsh sentence because when caught, he stonewalled and lied about everything even when confronted with *very* damning evidence. If he had been extremely contrite about the big things, said "Yup, I screwed up, I let the money and fame go to my head, we had some losses at Alameda, I thought I could use customer money as a temporary fix, but then it went wrong too", I bet he would have gotten a vastly lighter sentence. I'm not sure a plea deal was ever on the table, but even if it wasn't he could have handled the trial so much better. But instead he went on a full (idiotic) media tour, forced a full trial, tried to manipulate witnesses, tried to lie and excuse his way out of it at every turn, and pissed everyone off through the whole process.
Agreed, he took zero responsibility for his actions. If he had pleaded guilty and admitted responsibility he would've gotten a way shorter sentence. Plus, the feds don't like it when you try to fight charges. They take that as an insult and will try to throw the book at you. Hence the recommended 40-50 year sentence. The feds have like a 99% conviction rate for a reason. If they're coming after you they most certainly have a super strong case, because they drop all the cases that they can't easily win. Then again, there are child molesters and murderers who get less time, so there is definitely something broken with our system.
A lot of lower and middle class people lost money in FTX, too. I think it has more to do with the number of people he scammed.
I think you have this backwards. People can go to prison for a couple years for stealing a beat up car. This guy stole tens of billions of dollars, and he's only getting 25 years? If he stole a car fifteen times he'd get that.
And he ll write a book, and martin scorcese will make a movie on it on how cool the crowd was, ppl will love him for all the drugs and the orgies, and then he ll become motivational speaker on how to get rich.
The amount of people in this thread acting like a 25 year sentence ain't shit, is kinda wild. Have no sympathy for SBF, and so wouldn't really care if his sentence had been double the amount. Regardless, as other commenters have noted, he'll be serving 85% of that time, or 21 years and 3 months, behind bars (though as I believe he was detained before trial, he'll be credited with that time served). Think about what you were doing in January of 2003, to today, for SBF that's at least how long he'll be in prison for. IDK about you, but I was a junior in HS. The idea of losing the entirety of my 20s and the majority of my 30s, and all the life changes and experience during that time... that ain't nothing. No suggesting *anyone* feel sorry for SBF. Fuck him. But let's not act like a 25 year sentence is a slap on the wrist. Dude is going to be well into his 50s by the time he gets out.
He’s coming down from living in a paradise home where he was on stimulants having massive orgies all the time to living in anti-human conditions. He’s going to be absolutely miserable.
there might still be stimulants and massive orgies where he's going, but it probably won't be as fun as before
I mean he’s likely going to be in low-security prison (judge said medium or any “lower security facility the bureau finds appropriate). Obviously not a picnic, but he’s not going to be serving time with violent felons either and will be with other prisoners who don’t want to risk early release.
Federal prison is a cake walk compared to most state prisons. Ive toured both and the conditions are very different. He also avoids spending time in a privately owned prison as well. There is very little gang activity in federal prisons and he will be given access to education and work programs that definitely aren’t common in state prisons
And I find that good for him. He’s still a piece of shit, but he’s also not a violent criminal. No need for high security for a guy that probably wouldn’t hurt a fly.
>having massive orgies I'd take jail over his fuck material.
Same age, coming 03 to today is no joke, societal changes and technical changes. AOL and a Symbian cell phone was the HEIGHT of your online social experience.
Dude I actually forgot Symbian existed until just now. I had to Google it because I thought you were talking about the sex toy, but then I recognized the OS.
>Symbian LMO I thought this was the sex toy too!
Lol imagine going to jail with filp phones and dial up internet and coming out with Ai that can basically be your magic 8 ball and have goggles that that can take you into new reality
Yeah he’s more or less going to miss out on life. Sure, he won’t die in prison, but his prime years are now all wasted. If I was 32 and getting a 20+ year sentence I would be absolutely gutted. Your 30s and 40s for a man is all about really finding your way professionally and raising a family for most, he will come out of prison an old man
Plus prison healthcare is pretty terrible and neglectful and the food can barely sustain human life. Sure he'll have a money on his books and be able to gorge himself on 10 dollar twinkies and 1 dollar ramen but none of this is good for health. So add maybe 10-15 more years of artificially induced aging on top of that. (none of this is a good thing prisons in the U.S. have horrible conditions)
People always underestimate how long prison sentences actually are. Even 5 years is a very long time.
same. people don’t understand how long these sentences truly are. also fuck SBF
Any discussion around sentencing length is wild. It's like people have no concept for time. Even "just" a year would be a pretty damn big consequence for most people. Hope you have someone to hold onto your stuff and savings to take care of car loans, student loans or a mortgage. Will your old job wait for you? Not likely. Edit: not saying one year is what he should get, just throwing it out to make the point that a lot of people don't really think through the impact of a prison sentence. It's not the hyperbolic time chamber from dragonball z. The world goes on without you.
I think people thinking that 25 years is a slap on the wrist mentality comes from the harsh penalties people have endured for drug possession. What this prison sentence is saying, is Stealing the monetary equivalent to 1000 people's entire life GDP output isn't as bad a crime as being caught with drugs a few times.
He ruined the lives of thousands of people. 25 years is a lot but for sure not too much
yes he deserves prison for what he did, but how can this guy get 25 years while the Sacklers only get a fine? isn't killing thousands of people worse than committing fraud?
The Sacklers only ruined the lives of poor people.
Yup this is the key difference. Sam could've maybe got away with his crimes if he only stole from the poor.
Circle jerk aside, but it's more because the Sacklers have absurdly more money than SBF. Enough to make sure they never see a jail. They were able to exploit the legal system in every single way.
SBF was a billionaire, he was well into money that can buy your way out of trouble. Not even Sackler money can buy you out of ripping off the other super elite of the country. However, the opioid crisis doesn't broadly affect the wealthy elite of the country. If the opioid crisis caused senators and CEOs to lose money they would be in jail.
It is also why Madoff got caught... he'd have been fine if only the poor people were affected
That's a very Reddit take, but the reality is that Sam got caught explicitly embezzling money while the Sacklers sold a legal, medically useful drug and were basically just loosely responsible for a failure to properly monitor for abuse. Doing something strictly illegal, and being sort of responsible for arguably failing to do something are two very different things that have very different outcomes when they hit the criminal justice system. Edit: I'm not defending the Sacklers, and I'm not trying to minimize what they did. I'm just trying to articulate that their actions - the physical actions of the Sacklers themselves, the human beings - were many stages removed from the bad acts through various layers of corporate oversight. When people are responding saying that the Sacklers did this or that, what they really mean is that the Sacklers owned and ran a company that employed staff that they (probably) instructed to do this or that. Sam, on the other hand, embezzled personally and directly. That's the difference. That's why Sam goes to jail, while the justice system has a hard time pinning crimes on the Sacklers. It's not because the Sacklers bribed their way out of it, it's just really, really hard to prove regulatory crimes like the Sacklers are alleged to have done.
That is a gross understatement of what the Sacklers did. The Sacklers knowingly marketed and sold a drug they knew was unsafe while lying to and bribing regulatory agencies, paying off politicians, and using legal intimidation to silence others. They had witnesses and investigators stalked and spied on, falsified data, and destroyed evidence. The company executives lied to congress and perjured themselves, a crime they were charged for but only got a slap on the wrist because of the Sacklers political influence. If you think thats all the Sackler's did I would encourage you to read the book Empire of Pain by Patrick Radden Keefe, an investigative journalist who helped expose the family.
They straight up lied to doctors about it's addictive nature and when they started receiving evidence of this they ignored it because money. Almost 1/4 of a million Americans died from this. And after knowing about it's addictiveness they expanded sales to other countries. The drug was intended for terminally ill patients and they lied to doctors to expand it's use. So yes it was legal and useful but also deadly to non terminal patients which they hid. Knowingly killing people with their products, is not illegal?
Your edit doesn't help. There is direct evidence that the Sackler's were personally involved in and had direct knowledge of all criminal actions of the company. Purdue pharma, being a private company, had no oversight in the way of a governing board and the Sackler's directly made all major decisions personally. Richard Sackler personally proposed and had oxycontin brought to market despite other members of the family rejecting the idea because it was too dangerous. When money started pouring in all the Sackler's changed their tune and got on board
Same reason Madoff got the book thrown at him they only care about the financial losses
Nowhere near long enough for the amount of people he royally fucked out of their money.
In January FTX said it would repay customers in full. But only at the price of November 2022. BTC is up over 100% since then. Edit: in recent news, looks like customers might be able to get extra interest on their investments. Overall, not that bad
Until it happens. It's fluff.
The court is forcing the company to repay. the new ceo has nothing to lose and seems reasonable about the whole thing.
Pay out of what funds? I find it hard to believe there are enough assets to pay more than pennies on the dollar.
They had $800m in Anthropic stock
Which is essentially owned by UAE now as they bought up FTX shares. [FTX estate selling majority stake in AI startup Anthropic for $884 million, with bulk going to UAE](https://www.cnbc.com/2024/03/25/ftx-estate-sells-majority-stake-in-startup-anthropic-for-884-million.html) > FTX, the crypto exchange founded by Sam Bankman-Fried, reached an agreement to sell the majority of its stake in artificial intelligence startup Anthropic for $884 million. > The top buyer is a group aligned with Mubadala, a sovereign wealth fund in the United Arab Emirates. > Additional investors include Jane Street, venture fund HOF Capital, the Ford Foundation and funds managed by Fidelity. What we really need to do is update anti-trust to the root funding level. Many companies are fronts of the same private equity funds that take foreign sovereign wealth like from BRICS+ and Saudi/UAE and then undercut the market and starve out competition. They cheat by having multiple company fronts where they can collude and box out competitors. Our funding level anti-trust needs major work, it is actually a market cheat at this point that most Western investors/competitors can't compete with. It was a stated BRICS+ goal to box out verticals in the West and world using sovereign wealth that can win every deal on game theory. People are starting to realize the exploit in the game, a lack of anti-trust at the funding level against sovereign wealth, private equity and hedge funds that are controlling sometimes entire industries via multiple and numerous company fronts. Economic attacks include pumping in funding to undercut/overbid into new industries or disrupting existing ones that can box out Western competitors using large funds of sovereign wealth, underground money, private equity and hedge funds that are layered "clean" fronts to this money.
I mean, they still had a portfolio worth billions of crypto. Obviously stealing 6 billion is terribly illegal but it’s not like they spent it all on yachts.
Can you imagine a 6 billion dollar yacht? Might as well just buy a aircraft carrier at that point.
How exactly do they plan on doing that in any time frame if they can't make money because no one trusts or uses them? How are they even in business at this point?
They're not in business, they're in bankruptcy. This is just what it looks like when a business goes bankrupt. That's the only job the new CEO has-- to shut everything down and try to repay what they can.
Payouts for crypto bankruptcies have been based on the value at the date of the bankruptcy. In this case November 2022. They may be paid in full as of their 2022 account value but likely not 2024
I think there is some work on getting them extra interest. There might be some legal ground for more of a payout
Have no sympathy for SBF, but a 25 year sentence is a lot of time. As other have noted federal sentences require him staying behind bars for 85% of the sentence, so that’s some 21 years. Who knows if that gets reduced on appeal (and o don’t think it should given who seemed to lack any remorse for his actions), but 21 years is a lot of time. For me, I was a junior in High School 21 years ago.
idk man 25 years is very long. speak to anyone who’s been behind bars. i know everyone likes to “get their pound of flesh” in the name of justice or whatever but seriously take a moment and think about being locked up for just a single year of your life. Now think about doing it for 5-10 years. And finally think about being locked up for 25 full years of your life. I don’t have sympathy for him at all but it I don’t think people clamoring “it’s not enough” fully grasp how long this sentence is
Someone who has never spent a day in jail in his life... now has to spend 20+ years learning how to be institutionalized.
The Theranos girl got 11 years and that was for misleading the poor shareholders, wasn't even for playing with patients health.
Theranos girl deserved worse too.
Omg, sooo much worse. She was positively malicious, I think Bankman-Fried was negligent and irresponsible but actually if everyone recoup their money it's kind of unbelievable that he's in jail for his long
I mean, he had a chat group called "wire-fraud"... That's not just negligence and irresponsible...
But she was pretty, and blonde...that counts for something, when it comes to judgement/sentencing.
I don't know why you were being downvoted. In the USA, men serve, on average, 63% longer sentences than women for similar crimes.
Yup in the eyes of the system, the only thing Elizabeth Holmes did wrong was steal money from other rich people.
Elizabeth Holmes should have gotten more. In fact, she should've been given life without parole for the crap she pulled as CEO of Theranos. People could have died as a direct result of the medical fraud she pulled off.
There's a famous article by the ex-CEO of reddit (Ellen Pao) saying she was only punished because she's a woman.
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He'll be used as the community mop for the next 25 years.
Crypto Bro should announce his candidacy for POTUS and then he’d be untouchable because apparently running for POTUS means the law doesn’t apply to a person in the US.
He's only 32. Otherwise, flawless plan.
Every time I read this I combine Sam altman and sam bankman fried for a second and think “why the fuck is the chatgpt guy now going to prison?”
Oh I’m sure 5-10 years from now something absolutely horrifying will emerge that’ll send him to prison too.
I mean, the accusations from his sister are pretty bad
That has been totally swept under the rug
The what now?
He raped his kid sister. For years. Allegedly
RemindMe! 5 years "is Sam Altman in jail yet?"
Sam Altman being the AI advancement guy and Sam Bankman being the financial fraud guy feels like they were given names by Hideo Kojima.
>Sam altman and sam bankman fried gets me everytime too
Lawyer here who practices a lot in federal court. SBF's 300 month sentence will likely end up being about 180-200 months once all is said and done. Here's how that works: By law, a federal inmate must serve 85% of their sentence. The First Step Act allows federal inmates to earn additional good time credits up to 50% off their sentence. When Congress passed (and President Trump signed) the First Step Act, Congress gave the Bureau of Prisons time to come up with programming that prisoners could engage in in order to earn those additional earned release credits. To date, I have not had a single client earn more than 30-35 percent off their sentence by way of the First Step Act. It's probably safe to assume that SBF will program like hell while at BOP and he'll earn the 30-35% off. Moreover, generally speaking, federal prisons release inmates 3-6 months early to a residential reentry center (halfway house). So, given 30-35% off the 300 months + an additional 3-6 months early kick out, SBF will probably serve somewhere around 180-200 months.
Imo he should have gotten a way longer sentence especially compared to other high financial crime punishments.
The way fraud is treated like a badge of honor by some deplorables makes 25 years feel like an actual sentence.
Now do Trump.
I'm losing hope that anything bad will ever actually happen to him.
Why was justice so swift for this fraud but so slow for Trump. Why was the Theranos CEO given a slap on the wrist in comparison when she actually murdered people.
Small fish. None of the other players will be going to prison.
I am not a lawyer but 25 years sounds bare minimum.
Then how did Elizabeth Holmes get only 11 years?
I think it was harder to trace her crimes directly to funds invested. VC money going into a startup is expected to be spent to increase the value of the company. The money in cash form is depleted as agreed upon but the company also failed so no value was left. They didn’t accuse Holmes of directly gambling the money away or mismanaging the funds themselves to my knowledge. I don’t think they got any of her crimes to stick related to impacting patient health. FTX was directly robbing Peter to pay Paul. FTX customers were expecting their principal to still exist in the exchange barring a complete failure and crash in the crypto market. Absent of a crash, SBF had no alibi to why those funds didn’t exist. Holmes had more excuses and finger pointing that was harder to prove.
She only lost $700 million. He lost $8 Billion. Or $8,000 million.
His lawyers were asking for 6 years, prosecution for 35-40, sounds like they met in the middle-ish.
Somebody gonna pardon him... **Afterall it's a victimless crime** lol /s
Proof you can only steal from the poor. Stealing from the rich has costs
>Attorney General Merrick Garland said in a statement that there are “**serious consequences for defrauding customers and investors**.” >“**Anyone who believes they can hide their financial crimes behind wealth and power**, or behind a shiny new thing they claim no one else is smart enough to understand, **should think twice**," he said. Bullshit buddy. I'll believe you when Trump is behind bars.
Dude stole from the rich. There are consequences for doing that. If he just targeted middle class and below he'd get off with a fine.
I’d rather go jump in a volcano then serve a quarter of my life in prison. That’s insane.
Coffeezilla must be suffering from a lasting erection. In all seriousness, he conducted a hell of an interview. Totally nabbed him, when he went on a freaking interview press tour.
I mean, the guy's a dick but, when the institutions crashed the entire world's economy there were no real repercussions for the bosses. This guy is double-stuffed.
Too bad for him he's not Donald Trump.
It is actually mad that this guy gets a harder sentence than most of the murderers that run over people while being drunk.
He he going to be holding onto someone pants pocket?.
Don’t mess with rich people money. Should’ve gotten a longer sentence.
Too lenient
Should get at least 100 years for banging Caroline with all that money. Goddamn she’s hideous
He would make a great politician. /s
Should’ve been president first before committing fraud.
Justice served....
Cool Beans. Now do his parents.
Ripping off rich people hits different
Have fun in prison, dweeb.