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It's interesting to see this play out because much of it was predictable. Personally, I was amused at the people complaining that the SBF case was taking too lo
by jmyeet 4y ago
It's interesting to see this play out because much of it was predictable. Personally, I was amused at the people complaining that the SBF case was taking too long. If however you know something about how Federal prosecutions work, you'd know (and I made many comments about this) that the case was moving incredibly quickly.
As soon as SBF was indicted, it confirmed that the Feds had 1 or more cooperating witnesses and many correctly theorized Caroline Ellison was one of them. The other is less well-known but this basically maps out the prosecution's case. Ellison will testify to SBF's knowledge of the scheme. The other will testify to SBF instructing him to build the backdoor. Case closed.
This is an open and shut case. SBF getting out on bail was a surprise and it shows the double standard to how the US uses its civil asset forfeiture power. Specifically, that doesn't seem to be used against SBF, his parents and his associates in a way that it has with far less wealthy people. I want people to realize that. For the record, I consider civil asset forfeiture to be unconstitutional and a travesty of justice but it is the law of the land.
I'm going to be really interested to see what kind of deal the Feds cut for two witnesses. Could it be as light as no jail time? I have doubts but it's not impossible. It'll probably be a much lighter sentence, probably less than 10 years, maybe less than 5.
- sbierwagen 4y agoMadoff clawbacks took years. Here’s a story from 2018, and litigation is still ongoing: https://www.wsj.com/articles/the-amazing-madoff-clawback-1543620951 https://www.wsj.com/articles/the-amazing-madoff-clawback-154... Importantly, clawbacks went way back in time. If you put $5 million in in 2000 and pulled $10 million out in 2002 then you had FBI agents at your door in 2010. There’s going to be a lot of Lamborghinis on the used market, and plenty of vacancies in Miami condo towers soon.
- TacticalCoder 4y ago> This is an open and shut case. Conveniently the entire part where SBF had an ex-CFTC commissioner lobby the SEC and CFTC to get pro-FTX bill passed in the US is not looked at: who cares about regulatory capture through corrupted officials right? (I mean: a few senator say this should be looked upon but so far it's not the case) And the whole "FTX's top lawyer happens to be an ex-colleague of Bitfinex's top lawyer: they both worked in an online poker scam that defrauded players" is not looked at either. Instead we go for: "SBF ordered Wang to put a backdoor in FTX so that Alameda's losses could be hidden" and case closed. Justice.