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Crime The Courts

FTX's Bankman-Fried Headed For Jail After Judge Revokes Bail (reuters.com) 59

Posted by BeauHD from the don't-drop-the-soap dept.
A U.S. judge revoked Sam Bankman-Fried's bail due to probable cause that he tampered with witnesses at least twice. U.S. District Judge Lewis Kaplan rejected a defense request to delay SBF's detention pending appeal of the bail revocation. Reuters reports: The decision could complicate Bankman-Fried's efforts to prepare for trial, where the 31-year-old former billionaire faces charges of having stolen billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund. Bankman-Fried has pleaded not guilty. He was led out of the courtroom by members of the U.S. Marshals Service in handcuffs after removing his shoelaces, jacket and tie and emptying his pockets.

His parents, both law professors at Stanford University, were present in the courtroom's audience. His mother, Barbara Fried, nodded to him in tears as he left. His father, Joseph Bankman, placed his hand over his heart as he watched his son be led away. Bankman-Fried has been largely confined to his parents' Palo Alto, California, home on $250 million bond since his December 2022 arrest.
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FTX's Bankman-Fried Headed For Jail After Judge Revokes Bail More

FTX's Bankman-Fried Headed For Jail After Judge Revokes Bail

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  • Don't drop the soap! (Score:2, Funny)

    by Anonymous Coward

    Don't drop the soap!

    • I've never understood why prison rape is considered funny. Yeah, i get it: You're talking about a terrible person. But when did the idea that them getting raped should be normalized?

  • Got to love this sentence.... (Score:5, Insightful)

    by strike6 ( 823490 ) on Friday August 11, 2023 @03:47PM (#63760332)
    "The decision could complicate Bankman-Fried's efforts to prepare for trial, where the 31-year-old former billionaire faces charges of having stolen billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund." Gee, I wonder what all those indigent defendants who didn't have people willing to put up $250 million for their bail did to prepare for trial? This guy is REALLY being deprived of his rights by having his bail revoked for repeatedly violating it's terms.

    • Re: (Score:2)

      by rgmoore ( 133276 )

      I don't know if they're trying to sound sympathetic or just factual. I will just say that the time to worry about how being in jail will affect your ability to prepare for trial is before you violate the terms of your bail, not after. The dude had his chance. He really does not deserve any sympathy for blowing it.

  • finally some consequences (Score:5, Insightful)

    by crgrace ( 220738 ) on Friday August 11, 2023 @03:49PM (#63760338)

    Yet another privileged master-of-the-universe who doesn't think the rules all of us scrubs have to live by apply to them.

    I wondered if leaking Caroline's journal would have consequences, as it was an obvious attempt to discredit her in the court of public opinion.

    I'm glad the judge decided to hold Sam to even a minimum standard.

  • Refried (Score:4, Funny)

    by Yo,dog! ( 1819436 ) on Friday August 11, 2023 @03:57PM (#63760364)
    Sam Bankman Refried

  • Is it dawning on people? (Score:5, Insightful)

    by BishopBerkeley ( 734647 ) on Friday August 11, 2023 @04:03PM (#63760390) Journal
    That SBF is a moron? And that Altman's Worldcoin is every bit as stupid?
    • I mean dismissing him as a "moron" is a bit, well, moronic...the guy managed to get a hold of a few billion dollars. Even by the standards of thieves and robbers, that makes him a maestro. I think he has a classic Stanford-induced case of hubris. He simply did not believe he could ever face real consequences for his actions since he's of the ruling class. He's behaved under indictment little different than he did as CEO, doing things in his interest with no view of the ethics or consequences. This is

      • Re: (Score:2)

        by g01d4 ( 888748 )

        He simply did not believe he could ever face real consequences

        I think he actually believed that he was wearing fancy clothes, and indeed that's what everyone was saying. That those clothes were poorly tailored, came apart, and rapidly fell off was, in his opinion, just bad luck.

        • Or a bug in Quickbooks. :)
        • He might present that type of aloofness, "bad luck" to the media, but honestly he has a very typical persona for a non-athlete Stanford grad. He definitely believed he was the new emperor, but he also came from a place of extreme privilege where it's really hard to do something that can ruin your life...someone is always there to pay or fix it, or both.

          I wonder how many close calls he had with law enforcement/going to jail in his life before to embolden him. Case in point: Poor college kid gets caugh

          • Why isn't the obvious solution just legalize drugs?

            • Because fentanyl is already widely available for peanuts. The mess would be even larger if they legalize it fully.

              For what it's worth, I agree that the doctrine of the means has failed. The two remaining options are the Duarte solution of open war against druggies, as in they are killed instantly upon identification. Anyone with a gang tat is shot on sight. Anyone with a drugs in their possession is shot on the spot, etc.

              Option two is full complete and total legalization. The druggies will kill themselves i

              • Because it feels good, like medicine should?

                What would it take for you to live and let live? What's your price?

                • Re: (Score:2)

                  by Cyberax ( 705495 )

                  What would it take for you to live and let live?

                  I don't care about your drug abuse as long as you don't bother me.

                  However, once you get fired, burn through any of your savings, and then start subsisting on theft, then I have a problem with you.

              • Option two is full complete and total legalization. The druggies will kill themselves in a year or two. The only illegal drug would be Narcan, we want the dead weight of the druggies off of society as soon as possible. The benefit of this way is that it cuts the profits out of the drug cartels. The winning cartel will be the one that can assemble unit trains of fentanyl most efficiently.

                If you can't figure it out, I'm completely baffled as to why anyone would take that crap anyway.

                Thanks, but we've already seen how liberalization efforts for errant behavior work out. Nobody wants to end up "celebrating" Addiction Pride Month or watching the mayor of New York City lead the Junkie Pride Parade through Times Square.

                You can bet within 15 minutes of legalization, access to drugs will be promoted to a "human right", worthy of being subsidized with taxpayer funds. Not to mention the inevitable civil rights legislation making it illegal to fire or refuse to hire someone for getting loaded. A

            • FWIW my comment wasn't about drugs so much as about rich kids getting away with things that would ruin the lives of poor ones. The same could be said about DUIs, mischief they cause, stealing stuff (when your parents can reimburse the neighbors for the stolen rolex, it's a different ball game), or really any youthful indiscretion.
          • He's an MIT grad, but same difference.
      • Did you ever hear him speak? The fucker never made any sense. And tampering with witnesses when youâ(TM)re out on $250M bail doesnâ(TM)t exactly scream evil. Murdering witnesses may be evil, but openly and publicly humiliating them does convey any nuanced thinking or ANY thinking at all.

        I wonâ(TM)t deny your point outright, however.

      • I don't know. Is Putin brilliant because he too is a billionaire? No, I'd say he's just so laser-focused on his own wealth and power that he will do anything to gain and keep it. SBF is rich not because he's smart, but because he's ruthless. Anybody who thinks they can get away with building a criminal empire for their own gain, is definitely a moron.

      • Many people could pull off what he did but those same people would not want to go to jail for life. This is what makes him a moron, he stole and flaunted it.

    • Re: (Score:2)

      by gweihir ( 88907 )

      There really is no other explanation. Morons with some Savant Syndrome. Explains why so many people are willing to give money to such people: They see themselves in them.

      That said, I think Worldcoin is even more stupid. Secure hardware device? Yep, you can get those. Buy an HSM for $50k+ and install it in a real DC with locked doors, alerts, guards, etc. and you get a somewhat secure hardware device.

  • See, the problem is: you just can't be born rich, you have to get people to follow you into hell.

    • Re: (Score:1)

      by Anonymous Coward

      follow you into hell.

      Interesting question: does Donald Trump believe in Hell, and is he scared of going there? He claims Nancy Pelosi [salon.com] will. Conventional religious wisdom would be that going to heaven involves repentance for our sins, and there is not much evidence of that from Donald Trump.

  • Most recovery companies will take your money again. I personally don't think they are the same set of people that run all of them, seems like an unending cycle and it's too sad. The most crazy thing about the whole internet thing is how you can clone a website to make it look like the real one, I discovered so manrry people fell into this kind of scams. The only recovery company I know that works is Recovering Atusa. com I have been to their physical address to meet them before and the good thing about them

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