Sam Bankman-Fried (SBF) was found guilty on all counts of corruption and fraud. The DOJ will hide the bigger crimes related to the laundering of money to politicians, communists, cartels and terrorists through FTX, SBF’s crypto exchange.
Yahoo Finance reported last night:
In a high-profile criminal case that gripped the crypto community, a jury of nine women and three men unanimously found FTX founder Sam Bankman-Fried guilty on all seven counts of fraud and conspiracy after just four hours of deliberation.
The swift conviction follows allegations that Bankman-Fried engineered a massive fraudulent scheme and misappropriated billions in customer funds through his trading firm Alameda Research. Prosecutors stated that Bankman-Fried stole $10 billion in customer deposits to Alameda to make lavish real estate purchases, donate to political campaigns, and cover trading losses as crypto prices plunged in 2022.
U.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of the biggest financial frauds in American history.
The charges carry a maximum 115-year prison sentence. While the jury deliberated the charges of wire fraud, securities fraud, commodities fraud and money laundering conspiracy, U.S. District Judge Lewis Kaplan will ultimately decide Bankman-Fried’s punishment at a sentencing hearing on March 28, 2024.
Bankman-Fried’s defense counsel expressed disappointment with the guilty verdict on all counts, stating that their client maintains his innocence and will continue fighting the allegations.
Throughout the month-long trial, former FTX insiders including Caroline Ellison, Gary Wang and Nishad Singh testified for the prosecution after pleading guilty to charges related to their involvement in the FTX collapse. Their testimony painted a damning picture of Bankman-Fried’s role in allegedly misusing customer funds and misleading investors while concealing massive losses.
The bigger crime here is the corrupt US Department of Justice ignoring the billions funneled through FTX and to corrupt politicians, et al.
Back on July 27 it was reported that the DOJ gave Hunter Biden a sweet heart deal where he would receive a pardon for life for all his crimes embezzling and extorting billions from foreign and domestic entities while Joe was Obama’s VP.
But the bigger crime was that the DOJ was dropping indictments by the bucket load in its case against FTX.
We learned previously that the FTX accounting system is a joke. This multi-billion dollar complex organization utilized QuickBooks for their accounting – a program that is good but is built for small companies, not billion-dollar entities.
In addition, the employees at FTX could borrow billions from the company without a problem. At least $10 billion was moved between FTX and Alameda Research and a $65 billion line of credit was created by Sam Bankman-Fried (SBF) without customers knowing their investments were part of this arrangement.
The company gave money to politicians like $250,000 to the Clintons to help promote the company.
We also know that an FTX co-founder was ordered to create a secret backdoor for laundering money. Additionally, we know that FTX and the Biden White House had a secret back channel that closed the day that FTX declared bankruptcy.
In November 2022 TGP reported that billions were sent to Ukraine from the US. Ukraine took some of this money and invested it in FTX. The far-left Washington Post reported that Ukraine was dealing in crypto.
The Ukrainian government has gathered more than $42 million in cryptocurrency donations since Saturday, plus digital artwork including a limited edition worth roughly $200,000, according to blockchain analytics firm Elliptic. The challenge is how the country cashes in on these assets to fund its war needs.
Amid the Russian invasion of Ukraine, the CEO of FTX, Sam Bankman Fried has come forward to help a crypto donation project. He humbly announced that FTX will be supporting the Ukrainian Ministry of Finance and other communities in collecting crypto donations for the country. The Ukrainian government has received over $60 million in crypto donations from all over the world.
We have no idea how much money was laundered to corrupt Democrats and RINOs through FTX. Billions were flowing through the company. The company’s financial processes and controls were weak and non-existent.
Money could easily be laundered through any number of cryptocurrencies and the paper trail would be difficult, if not impossible, to unravel. This is why it is likely that a billion or more was laundered to the Democrats and other corrupt politicians.
Elon Musk agrees.
That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?
— Elon Musk (@elonmusk) December 3, 2022