4 ms·

Let’s see if his ‘I’m baby’ defense works in court.

by crmd 4y ago

coffeebeqn 4y ago
You see your honor I simply didn’t know I wasn’t supposed to siphon customer funds from one of my businesses to another. Can I truly be charged for a crime if I pretend to be dumb after I get caught?
- lern_too_spel 4y ago
  His stupidity defense claims that he thought it was a loan, and he didn't know what Alameda Research was doing with the loan.
  - Barrin92 4y ago
    does that even make sense? If it was a loan against his customer's assets then the assets would still be there, and the exchange would simply be broke. If the funds are gone then it doesn't matter what for. He had no business lending his customers money away, he ran an exchange.
  - roland35 4y ago
    Still, HE WASN'T SUPPOSED TO LOAN THE CUSTOMER MONEY!! If he didn't know that than why was it in the terms of service that his company wrote?
    - lern_too_spel 4y ago
      Because he's stupid and didn't read anything the company's lawyers wrote. That's the whole defense. Saying he loaned money to another company because he didn't know any better works better as a stupidity defense to get a more lenient sentence than what coffeebeqn wrote.
      - SoftTalker 4y ago
        Assuming for sake of discussion he really is that dumb, then he was being used as a puppet by someone else. He'll need to identify that person or people and their stories and evidence supporting them will need to be compared with his.
      - roland35 4y ago
        I mean, it's not like this was some super fine print detail here though... It (we hold your money/crypto for you 1:1 isolated and separated) was basically the entire point of the product.
        lern_too_spel 4y ago
        I thought the whole point of the product was easy access to margin trading. https://help.ftx.us/hc/en-us/articles/360046850054-Spot-Margin-Trading https://help.ftx.us/hc/en-us/articles/360046850054-Spot-Marg...
Melting_Harps 4y ago
> Let’s see if his ‘I’m baby’ defense works in court. It was a foolish move to open his mouth at all on the matter, let alone go on every podcast that invited him and took every interview to spout his self-incriminating non-sense and riling up the Media and the public's ire in the process. If that was his goal, he has terribly failed to establish anything that suggests it will work Worst yet... is his choice for chief counsel: In the U.S., Bankman-Fried has hired defense lawyer Mark Cohen, who is best known for representing Ghislaine Maxwell during her sex trafficking trial, as well as Mexican cartel boss Joaquín "El Chapo" Guzmán. This string of fails along with his lawyers high profile cases (that ended unfavourable for his clients) makes it seem like he is screwed. He will remain in prison until February at Fox Hill [0]. Personally speaking, he and everyone affiliated with FTX and Alameda have face severe, costly and lengthy sentences; if they're going to go after influencers who lend their name and reputation to these scams then scrutiny has to be made for those politicians, media and VC insiders who also participated in this scam. This has to be the only inevitable outcome in this because without any oversight on that side of things this vanity given to businesses that operate with the false legitimacy of being licensed or regulation will never be addressed if it doesn't expose how those things are granted when you have resources to spend to buy your way into compliance. 0: https://www.forbes.com/sites/davidjeans/2022/12/13/sam-bankman-fried-fights-extradition-to-united-states/?sh=61e363872273 https://www.forbes.com/sites/davidjeans/2022/12/13/sam-bankm...
- germinalphrase 4y ago
  Is that the kind of high end lawyer you get when other high end lawyers say ‘No’?
  - baobabKoodaa 4y ago
    Or maybe there's one set of lawyers who are good at defending innocent defendants and another set of lawyers good at defending guilty ones?
    - polygamous_bat 4y ago
      Not a lawyer, but two different high level policies for defense depending on whether your client is innocent or not makes sense to me. At the highest level, it may even come down to two classes of lawyers with expertise in each category.
tootie 4y ago
Speaking of which, I sincerely hope (though not holding my breath) that they take a good, hard look at the Sequoia partners who enabled this. Diligence is theoretically part of their job and they either committed an act of gross negligence by not doing any, or they committed an act of conspiracy by seeing what the game was and blessing it.
phone8675309 4y ago
Let's see if he goes full "My dad is Li Gang!"

Let’s see if his ‘I’m baby’ defense works in court.

by crmd 4y ago

Let’s see if his ‘I’m baby’ defense works in court.

You see your honor I simply didn’t know I wasn’t supposed to siphon customer funds from one of my businesses to another. Can I truly be charged for a crime if I pretend to be dumb after I get caught?

lern_too_spel 4y ago
His stupidity defense claims that he thought it was a loan, and he didn't know what Alameda Research was doing with the loan.
- Barrin92 4y ago
  does that even make sense? If it was a loan against his customer's assets then the assets would still be there, and the exchange would simply be broke. If the funds are gone then it doesn't matter what for. He had no business lending his customers money away, he ran an exchange.
- roland35 4y ago
  Still, HE WASN'T SUPPOSED TO LOAN THE CUSTOMER MONEY!! If he didn't know that than why was it in the terms of service that his company wrote?
  - lern_too_spel 4y ago
    Because he's stupid and didn't read anything the company's lawyers wrote. That's the whole defense. Saying he loaned money to another company because he didn't know any better works better as a stupidity defense to get a more lenient sentence than what coffeebeqn wrote.
    - SoftTalker 4y ago
      Assuming for sake of discussion he really is that dumb, then he was being used as a puppet by someone else. He'll need to identify that person or people and their stories and evidence supporting them will need to be compared with his.
    - roland35 4y ago
      I mean, it's not like this was some super fine print detail here though... It (we hold your money/crypto for you 1:1 isolated and separated) was basically the entire point of the product.
      - lern_too_spel 4y ago
        I thought the whole point of the product was easy access to margin trading. https://help.ftx.us/hc/en-us/articles/360046850054-Spot-Margin-Trading https://help.ftx.us/hc/en-us/articles/360046850054-Spot-Marg...

Melting_Harps 4y ago

> Let’s see if his ‘I’m baby’ defense works in court. It was a foolish move to open his mouth at all on the matter, let alone go on every podcast that invited him and took every interview to spout his self-incriminating non-sense and riling up the Media and the public's ire in the process. If that was his goal, he has terribly failed to establish anything that suggests it will work Worst yet... is his choice for chief counsel: In the U.S., Bankman-Fried has hired defense lawyer Mark Cohen, who is best known for representing Ghislaine Maxwell during her sex trafficking trial, as well as Mexican cartel boss Joaquín "El Chapo" Guzmán. This string of fails along with his lawyers high profile cases (that ended unfavourable for his clients) makes it seem like he is screwed. He will remain in prison until February at Fox Hill [0]. Personally speaking, he and everyone affiliated with FTX and Alameda have face severe, costly and lengthy sentences; if they're going to go after influencers who lend their name and reputation to these scams then scrutiny has to be made for those politicians, media and VC insiders who also participated in this scam. This has to be the only inevitable outcome in this because without any oversight on that side of things this vanity given to businesses that operate with the false legitimacy of being licensed or regulation will never be addressed if it doesn't expose how those things are granted when you have resources to spend to buy your way into compliance. 0: https://www.forbes.com/sites/davidjeans/2022/12/13/sam-bankman-fried-fights-extradition-to-united-states/?sh=61e363872273 https://www.forbes.com/sites/davidjeans/2022/12/13/sam-bankm...

germinalphrase 4y ago
Is that the kind of high end lawyer you get when other high end lawyers say ‘No’?
- baobabKoodaa 4y ago
  Or maybe there's one set of lawyers who are good at defending innocent defendants and another set of lawyers good at defending guilty ones?
  - polygamous_bat 4y ago
    Not a lawyer, but two different high level policies for defense depending on whether your client is innocent or not makes sense to me. At the highest level, it may even come down to two classes of lawyers with expertise in each category.

tootie 4y ago

Speaking of which, I sincerely hope (though not holding my breath) that they take a good, hard look at the Sequoia partners who enabled this. Diligence is theoretically part of their job and they either committed an act of gross negligence by not doing any, or they committed an act of conspiracy by seeing what the game was and blessing it.

phone8675309 4y ago

Let's see if he goes full "My dad is Li Gang!"