Sam Bankman was charged with multiple counts of conspiracy: wire- commodities- securities fraud, and campaign finance violations.
In December, Bankman-Fried was arrested in the Bahamas and charged with wire fraud, securities fraud, and money laundering, among other things;
· extradited to the US and released on a $250 million bond with an ankle bracelet, and
· submit to mental health counseling
Sam Bankman’s bail dwarfs other federal white-collar bonds.
· Bernie Madoff posted a $10 million bond while awaiting trial on his multibillion-dollar Ponzi scheme.
· Jeff Skilling, former Enron CEO, posted a $5 million bond, while
· Elizabeth Holmes, Theranos founder, posted a scant $500,000.
A trial date is expected in the Southern District of New York.
· Caroline Ellison and Gary Wang, two former top executives at Bankman-Fried’s companies,
· have pleaded guilty to several fraud charges and FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison are cooperating with federal prosecutors in the investigation.
He will face his next hearing, presided over by Judge Ronnie Abrams, in New York City on Jan. 3., where he’ll enter his plea and be arraigned.
Typical questions – do not apply:
1: shortest time, and
2: How to get out of prison altogether.
Sam Bankman can’t leave all of the sentencing mitigation decisions up to his lawyer – These decisions are made jointly – as jail time could be a lifetime.
But they do not have to be.
But they do not have to be.
Interviews with Federal Judges tell us;
· Judge Bough discounts some of what lawyers say because they’re paid to do so.
· Judge Pearson– approaching sentencing should be with the seriousness of a job. What happened in your life that led to this courtroom.”
· Judge Boulware said, “The order of decision-making should be:
1: Defendant,
2: Lawyer,
3: Friends and family.
…too many defendants get this order wrong.”
Sam’s options:
Spend time with introspection, because
· It is/was his company,
· He’s responsible for all decisions made
· He is responsible for his own actions: between all of his interviews, defending and deflecting his actions in the public domain is now, ‘on the record’.
He has a real legal challenge, comparing;
His bond: 250 M
- Bernie Madoff = $10 million, with ~ 100Yrs
- Jeff Skilling, former Enron CEO, = $5 million
- Elizabeth Holmes, = $500,000, ~ 11.5 years
If he insists on Trial, the odds are against him, especially as his ‘2 lieutenants’ have already pleaded Guilty and are cooperating.
That only leaves a Plea Bargain –
- Leave most of the Law work, to his attorneys
Consider sentence Mitigation Experts, starting after the guilty hearing
- Assistance in drafting your Personal Narrative – Which will influence the Probation Officer, The Judge, Prosecutor, Administration at the BOP, and The prison counselors responsible for judging your Incremental Improvements
- Assistance with your Allocution – this is your chance to have a conversation with the judge who makes the final decision on your fate
- 18 U.S. Code § 3553 – Imposition of a sentence
- REENTRY PLANNING
- PSI Preparation
OTHERWISE, STARTING AT 30 YEARS OLD – IS A LONG TIME TO FACE IN PRISON
…and there are no guarantees either way.
…and there are no guarantees either way.
