Bankman-Fried Faces Up to 115 Years in Jail
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Bankman-Fried Faces Up to 115 Years in Jail
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Bankman-Fried has become one of the most well-known criminals in recent American history. As he awaits punishment, let us pray that God’s will would be done.
From The Epoch Times. Sam Bankman-Fried, the founder and former CEO of the failed cryptocurrency exchange FTX, has been denied bail after his Dec. 12 arrest in the Bahamas at the request of the U.S. government.
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In a hearing that lasted more than three hours on Dec. 13, Chief Magistrate Joyann Ferguson-Pratt denied Bankman-Fried’s $250,000 bail request, citing a heightened flight risk because of the former billionaire’s access to financial resources.
The judge ordered the 30-year-old to be remanded to Bahamian custody until Feb. 8, 2023. …
“Mr. Bankman-Fried is reviewing the charges with his legal team and considering all of his legal options,” Mark Cohen, legal counsel to Bankman-Fried, stated in an email.
Prosecutors Announce Multiple Charges
Prosecutors and regulators including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have filed charges against Bankman-Fried, including wire fraud, as well as conspiracies to commit wire fraud, commodities fraud, securities fraud, money laundering, and fraud against the United States.
He faces up to 115 years behind bars if he’s convicted of all eight charges.
SEC Chair Gary Gensler said the former FTX boss “built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto” and orchestrated a scheme to defraud equity investors in FTX.
The CFTC has charged Bankman-Fried with fraud and material misrepresentations and claimed that his actions prompted the loss of over $8 billion in FTX customer deposits. In a statement, the CFTC accused FTX of commingling customer funds with that of its sister hedge fund, Alameda Research.
According to an indictment (pdf) unsealed on Dec. 13, U.S. prosecutors allege that Bankman-Fried engaged in a scheme to defraud FTX’s customers by misappropriating those customers’ deposits and using them to pay the expenses and debts of Alameda Research.
They also accuse him of making “tens of millions of dollars in illegal campaign contributions” to both Democratic and Republican candidates and campaign committees that were not under his name, according to Damian Williams, the U.S. attorney for the Southern District of New York. …
What do you think of Bankman-Fried? Share your thoughts and prayers below.
(Excerpt from The Epoch Times. Photo Credit: Getty Images)
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Lord God Almighty, who sees everything and knows everything, please expose the evil and bring Your justice and correction so this cannot happen again. Please spare his life so that the truth can come out and justice can be done with all who are complicit. Please do exceedingly, abundantly above and beyond all I can ask or imagine according to His power that is at work within us, to Him be the glory in the church and in Christ Jesus, throughout all generations for ever and ever. Amen.
Amen!
I found it interesting that the SEC knew this man was a thief and liar but refrained from action until all accounts had cleared for those in the mid term elections.
Wow! Amazing! 115 years? Ridiculous when murderers are parading around our streets free with no bail awaiting trial! Make it make sense! FATHER GOD please give this man an appropriate sentence for his crime IF he is found guilty in JESUS NAME! Amen!
Father, give Bankman-Fried a spirit of repentance as he sees the devistation his evil has made. We pray from Ps 34:5 that his face would be covered with shame that he may seek your face. May his punishment bring him humility and salvation.
Amen!
Father God let Your kingdom come & will be done in the Bankman-Fried case. We know it is Your will for his salvation & Justice. Release Your angels to watch over & guide the end result in Jesus name Amen 🙏