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Arrested Development

Updated: Dec 14, 2022

The arrest of FBX CEO Sam Bankman-fried has the potential to lead to a plea bargain deal.


Let's examine what he's been charged for.



SAM BANKMAN-FRIED

18. Page Testimony



U.S. HOUSE COMMITTEE ON FINANCIAL SERVICES - PART 1 - Hearing on Dec 13



UNSEALED INDICTMENT


Fedral prosecutors in Manhattan have unsealed an indictment charging former FTX CEO Sam Bankman-Fried with conspiracy to commit wire fraud and securities fraud,


Stand-alone charges of securities fraud and wire fraud, money laundering, and conspiracy to defraud the United States and campaign finance regulations.


Source: Ari Redbord: TRM



A reduced sentence in return for corroborating with law enforcement against industry bad actors and (or) co-conspirators. (SEC is going after Binance for Money Laundeting.)

Keep in mind that many of the bad actors of FinTech believed they were doing nothing wrong.

NEW YORK TIMES

The jurisdiction of prosecution is crucial to note.


Law varies slightly from state to state. Adversarial juries of peers can work against the defendant.



Prosecutors for the Southern District of New York confirmed that Mr. Bankman-Fried had been charged and said an indictment would be unsealed on Tuesday. Separately, the Securities and Exchange Commission said in a statement that it had authorized charges “relating to Mr. Bankman-Fried’s violations of our securities laws.
The criminal charges against Mr. Bankman-Fried included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, said a person with knowledge of the matter.

PLEA BARGAINS

Plea Negotiations and Victims of Crime is a link that shares the conditions of plea bargains.



SECURITIES COMMISSION OF THE BAHAMAS PRESS RELEASE


The Royal Bahamas Police Force has informed that 30 year old SAMUEL BENJAMIN BANKMAN-FRIED of California, U.S.A has been arrested.

ATTORNEY GENERAL STATEMENT

Statement from the Attorney General of The Bahamas Sen. Ryan Pinder KC on the arrest of Sam Bankman-Fried.


THE ALFORD PLEA


In cases where the defendant has insufficient evidence to defend themselves.


The Alford Plea becomes a means by which the defendant may plea bargain without directly admitting guilt for the crime.


The defendant will accept a guilty with Alford plea, as a method to face criminal conviction without actually admitting to the crime.


Punishment for the crime may still occur, but is likely to be a reduced sentence.

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