Benkman-Fried Sam (Sam Bankman-Fried)

Benkman-Fried Sam (Sam Bankman-Fried)

Biography

2023

Photos of the house published

In early October 2023, FTX photos of his luxury penthouse in the Bahamas were released as part of a lawsuit against Sam Bankman-Freed, the founder and CEO of the bankrupt cryptocurrency exchange. The value of this property is approximately $35 million.

Hearings in the case of 31-year-old Bankman-Fried as of October 2023 continue in federal court in the Southern District of New York. He faces seven charges of financial crimes, including fraud. If proven guilty, the defendant could face life in prison. The founder of FTX himself denies the accusations against him.

The photographs presented show the luxurious interior of the penthouse. You can see recreation areas, including a swimming pool, several dining groups, a terrace that surrounds the dwelling around the perimeter. The penthouse is equipped with numerous bathrooms, dressing rooms, its own spa and Jacuzzi. The walls are finished with expensive Venetian plaster and the floors with Italian marble. It overlooks the bay with chic yachts and the Atlantic Ocean.

It is noted that Bankman-Fried lived in the apartments with his girlfriend, FTX top managers and several friends. The total area of ​ ​ the penthouse is approximately 1070 square meters. In the case, the defence tried to get some of the images removed, fearing the yachts captured in the background could be mistaken for property owned by Bankman-Freed. However, this request was denied by the judge. According to some estimates, Bankman-Fried and Ryan Salame, a former FTX top executive, spent $256.3 million to buy and maintain 35 different properties in the Bahamas.^[1]

In prison in the same cell with the ex-president of Honduras

At the end of November 2023, it became known that Sam Bankman-Fried, the founder and former head of the collapsed crypto exchange, FTX was in the same cell as ex-President Honduras Juan Orlando Hernandez. Both are awaiting sentencing at the Metropolitan Detention Center in Brooklyn.

Bankman-Freed faces seven charges of financial crimes. In turn, Hernandez is suspected of involvement in the import into American territory cocaine from Colombia and. Their Venezuela inmates also include Genaro Garcia Luna, a former public security minister Mexico who is convicted of helping the cartel smuggle more than 50 tons of cocaine into. USA Hernandez's lawyer, Raymond Colón, said his client and Bankman-Fried have friendly relations and communicate on different topics.

Sam Bankman-Fried

It is noted that the founder of FTX can work with a laptop to view documents and legal materials related to his lawsuit. He and other prisoners are allowed to use computers in a specially equipped room, where the tables are separated by plastic partitions. Bankman-Freed is provided with the necessary medication he takes for attention deficit hyperactivity disorder. In addition, it is provided with vegetarian food. Once a week, the creator of the FTX can receive visitors (in addition to lawyers in the case).

Following the ban on smoking, prisoners began using canned fish packages bought from the store as prison currency to pay for each other's services. So, Bankman-Fried paid in bags of mackerel for a haircut before one of the court hearings. The FTX founder also occasionally interacts with security guards, giving them advice in the cryptocurrency space. In the future, Bankman-Fried will be transferred to a federal prison to serve his sentence.^[2]

2024

Sentence - 25 years in prison

On March 28, 2024, Manhattan federal court sentenced the founder and former head of the collapsed cryptoexchanges FTX Sam Bankman-Fried. He received 25 years in prison for fraud, conspiracy to launder money and a number of other crimes.

Judge Lewis Kaplan said during the hearing that during the consideration of the case he had never heard from Bankman-Fried "a word of remorse for serious crimes." The FTX founder, if not "outright lying" during cross-examination of prosecutors, was "evading" answers, Kaplan said. Jurors also sided with the prosecution, finding Bankman-Freed guilty on seven counts. The judge noted that the defendant obstructed justice and tried to influence witnesses.

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CNBC

There is absolutely no doubt that Bankman-Freed's name is now on the hearing all over the world. There is a possibility that this person will be able to commit something illegal in the future, "Kaplan said.

Federal prosecutors demanded up to 50 years in prison for Bankman-Fried, while the defense asked for a maximum of 6.5 years. As a result, Bankman-Fried received 25 years in prison with confiscation of property in the amount of $11 billion. The FTX founder has already announced his intention to appeal the verdict. It is emphasized that Bankman-Fried is not eligible for parole, since he was found guilty of federal crimes.

Sam Bankman-Fried organized one of the largest financial frauds in history, stealing more than $8 billion of money from his clients. His deliberate and constant lies demonstrated brazen disregard for user expectations and disrespect for the rule of law - all so that he could secretly use the cash to expand his power and influence, said US Federal Attorney Damian Williams[3]

Trading rice in prison

In early May 2024, it became known that the founder and former CEO of the bursting cryptocurrency exchange FTX , Sam Bankman-Fried, while at the Brooklyn Detention Center, was engaged in trading in commodities, in particular, bags of rice. At the same time, the man intends to appeal the court's decision on a 25-year prison term.

It is noted that Bankman-Fried eats beans and generally adheres to a vegetarian diet. At the same time, according to inmates, this food "smells unappetitically." Therefore, he prefers rice, which "has become one of the currencies inside the detention center." Overall, Bankman-Fried lost about 11kg, became "less plump and less fussy, with no bags under his eyes."

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Tiffany Fong

Bankman-Fried is being held alongside 35 other male prisoners, half of whom are reportedly murderers and co-operate with the government. They reside in a large dorm-style room. According to the founder of FTX, he is bored, since he does not have a computer connected to the Internet. He is provided with an entertainment tablet on which he plays games. Bankman-Fried stated that during his time in custody, he "learned to pretend" and that he was "doing well." He does not worry about his safety, but does not sleep well as other prisoners often wake him up.

Bankman-Fried communicates with his new lawyer "almost every weekday for an hour or so," and approved prescription drugs allow him to "think clearly." Bankman-Fried "still doesn't believe in committing any crimes": the only mistake, he said, was negligence, which put the FTX in a vulnerable position. The former CEO of the crypto exchange is confident that if he had stayed at the helm of FTX, the company would not have gone bankrupt but become a thriving entity.^[4]

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