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> Binance’s billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering
by koolba 2y ago
> Binance’s billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange.
Will CZ be the richest person ever sent to Federal prison? Forbes says his networth is $33 billion (though given crypto volatility that could be anywhere from 1/10 to 10x that on a daily basis...).
Imagine the security protocols for something like that. For sure he's not going to be the general population.
- latchkey 2y ago> Will CZ be the richest person ever sent to Federal prison? Maybe because no bank execs ever go to jail?
- gvhst 2y agoEven if bank execs went to jail CZ is still wealthier
- blackhawkC17 2y agoNo U.S. bank executive is worth over $30 billion.
- latchkey 2y agoselect sum(us_bank_executives) where year >= 2007
- blackhawkC17 2y agoThe wealthiest American banker should be Andy Beal ($10 billion+), and that's because he wholly owns a big bank [1]. For reference, Jamie Dimon has been CEO of JP Morgan (America's largest bank) for nearly two decades and controls $1 billion in shares. Yeah, they're all mega-rich, but there's a big difference between someone having $1 billion and $30 billion. The latter can spend the former's entire assets in a year and still become wealthier over time. 1- https://www.forbes.com/profile/andrew-beal/?sh=468364783067 https://www.forbes.com/profile/andrew-beal/?sh=468364783067
- latchkey 2y agoBeal is a standout cause he actually predicted and prepared for the mess. https://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html https://www.forbes.com/2009/04/03/banking-andy-beal-business... You're still pointing out individuals. In my eyes, the sum of the whole lot should have gone to jail long ago. Dimon and a whole bunch of other execs with him.
- mtmail 2y agoCharles Schwab is also said to be worth $10 billion.
- exe34 2y agoNot officially anyway, if their money is in tax havens.
- segmondy 2y agoHe's going to club feds. It's not even a prison, there's no fence you can literally walk away if you're stupid. Easiest prison time ever, no need for any crazy security protocol, he will be in there with non violent offenders, plenty in for financial crime, etc.
- rchaud 2y agoForbes net worth estimates are about trustworthy as Tether's 'attestations'.
- solumunus 2y ago> Forbes says his networth is $33 billion (though given crypto volatility that could be anywhere from 1/10 to 10x that on a daily basis...). Huh?!