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,
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.
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:
3: Friends and family.
…too many defendants get this order wrong.”
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
OTHERWISE, STARTING AT 30 YEARS OLD – IS A LONG TIME TO FACE IN PRISON
…and there are no guarantees either way.