After Sam, Former FTX Associates Are Next

[TomPluz]

After Sam Bankman-Fried was sentenced to nearly a quarter-century behind bars for his involvement in financial wrongdoings, Caroline Ellison, Gary Wang, Ryan Salame, and Nishad Singh are up next to face consequences for their roles in the FTX debacle.

Post-conviction by a jury and subsequent sentencing by Judge Lewis Kaplan, FTX’s founder Sam Bankman-Fried is bracing for a prison term nearing 25 years. His former associates are now poised to confront their own sentencing phases. Despite some of them having cooperated with authorities, it doesn’t exempt them from potential incarceration. Ryan Salame, previously co-CEO of FTX Digital Markets, is slated to appear before Kaplan on May 1.

Read more of this development here!

What do you think about the co-conspirators in the FTX debacle?  What are the many lessons we can gain from this development and do you think things that happened with FTX, Sam and his minions will have a strong impact on the cryptocurrency industry as a whole?

[Lucius]

Those who cooperated with the authorities will receive very little or no punishment, because this is probably part of the settlement that included placing most of the blame on their boss. I would not be surprised if all of them together receive a total sentence of less than 25 years, given that they will be sentenced by the same judge who, for me personally, has absolutely no sense of justly punishing criminals.

The lesson that the majority will certainly not learn is that people like Bankman should not be trusted, which means that it is only a matter of time before a similar story will be repeated with some other actors.

[bitbit97]

I can say only one thing - FTX was a large corporation. Lots of employees with different level or responsibility. But right now only one person get a real punishment. Fair would not be right word to describe whole situation, but SBF was definitely not the only person who took all decisions and accepted proposals of money management. I am sure that there must be other employees that had careless attitude towards work and clients money.

[Kemarit]

Those who cooperated with the authorities will receive very little or no punishment, because this is probably part of the settlement that included placing most of the blame on their boss. I would not be surprised if all of them together receive a total sentence of less than 25 years, given that they will be sentenced by the same judge who, for me personally, has absolutely no sense of justly punishing criminals.

The lesson that the majority will certainly not learn is that people like Bankman should not be trusted, which means that it is only a matter of time before a similar story will be repeated with some other actors.

Yes, this likely will be the sentencing here, I reckon it will be 10 years to 15 years to those who have cooperated or at least be the star witnessed against SBF.

And their judges could have work lighter sentencing even before the start of trial that's why the 4 of them really pin point all the blame to SBF and picture him as like controlling everything from the start and knows what he is entering. Still though, they won't get away from it and they have to suffer jail time, albeit less than SBF.

[Captain Corporate]

I mean that only makes sense, not like Sam was the only one who was aware of what they were doing, so its really not a shocker that they would do something like this. I feel like the best thing to do in this case would be just making sure that we are dealing with a better future. I hope to see the situation changing, and all these people end up being jailed as well. They do not deserve to be jailed as high as Sam, of course he gets the lion share, but I think they should be getting at least "something" from this, like maybe 5-10 years range depending on their position and how much they were aware of what was going on.

[Stompix]

Two of them might get away easily
Caroline because she was smart if you can call it that and basically archived everything and took memos of all the things they instructed her to do so she could claim she just followed orders also because of that her plea included returning all the money she has ever received from FTX.
Nishad Singh because despite 5 cases he is charged only with involvement in said conspiracy and there is no proof of any material gain outside his normal payments from this scheme.

Gary Wang might be the one that will get the worse was things stand since he just pleaded guilty and never actually collaborated on any revealing information, just confirations of already demonstrated facts by the other two.

That's how things should go, but anything can change.

I'm more interested din the financial punishment they will receive than the sentence, SBF got 10 billions, I wonder what sums if any these 3 will get!

[yhiaali3]

My opinion is that the SBF’s co-conspirators should meet the same fate in prison, because it is certain that the SBF is not alone responsible for this disaster. These partners played different, albeit lesser, roles, but they are partners and must receive the appropriate punishment for each of them.

As for the impact of the FTX incident on the market, I believe, in my opinion, that the worst impact has already occurred, but the market was able to overcome it, thank God, but there must remain negative effects, even if they are mild, on the market, which may last several years before they are completely eliminated.

[Jating]

My opinion is that the SBF’s co-conspirators should meet the same fate in prison, because it is certain that the SBF is not alone responsible for this disaster. These partners played different, albeit lesser, roles, but they are partners and must receive the appropriate punishment for each of them.

As for the impact of the FTX incident on the market, I believe, in my opinion, that the worst impact has already occurred, but the market was able to overcome it, thank God, but there must remain negative effects, even if they are mild, on the market, which may last several years before they are completely eliminated.

Yes but just like any normal criminals, if everyone is caught, some of them or in this case all of them become a turncoat and that's why SBF got what he deserved. So this people will get less jail sentence and it will only be SBF who will take the weight of the crimes. Maybe for some specially for the victims, every one is guilty as co-conspirators and meet the same fate by SBF, but in US justice system, it's very different, lawyer can play and bargain a lot even if the side is guilty by turning this criminals against each other and leaks everything they know against SBF in this case.

[yhiaali3]

but in US justice system, it's very different, lawyer can play and bargain a lot even if the side is guilty by turning this criminals against each other and leaks everything they know against SBF in this case.

Yes, you are correct. This is a very possible possibility, and the opposite could also happen, meaning that the SBF could inform his comrades, provide all the information that the investigation committee needs, and obtain a reduction in the prison term.

I saw a similar story in an American movie based on a real story in the world of cryptocurrencies of a fraudulent cryptocurrency company called Cetra, where the main fraudster in the case snitched on his colleagues and got a reduced sentence even though he was the main fraudster and the owner of the entire scam project.

[Crwth]

Having these types of news would certainly positively impact the whole cryptocurrency scene knowing that the bad actors have been pushed behind bars and hopefully the scammers are scared and won't scam anymore. I do hope that no one rises to the top like they did and scam a lot of people.

[LogitechMouse]

~
What do you think about the co-conspirators in the FTX debacle?  What are the many lessons we can gain from this development and do you think things that happened with FTX, Sam and his minions will have a strong impact on the cryptocurrency industry as a whole?

All of them ruined many people's lives, so they must face the consequences as well like what Scam Bankrupt-Fraud.
I believe SBF's girlfriend, Caroline Ellison already knew that she would go to jail because of what happened. I can't remember when, but I think she already said it on an interview that she's ready if in case it will happen.

Anyway, it's America and in America, anything can happen like in crypto. We might see some decisions we aren't expecting. We might see people that are related to the FTX fiasco not getting jailed for some reasons. Heck we might see SBF not serving the whole 25 years for some reasons. I guess let's not keep our hopes that high that these associates will get jailed... or at least all of them.

Whatever happens, what's important for me is for those investors who lost their money because of this to get paid.

[ABCbits]

After seeing SBF only receive 25 years jail time, i don't expect those associates would receive long jail time (more than 10 years).

I'm more interested din the financial punishment they will receive than the sentence, SBF got 10 billions, I wonder what sums if any these 3 will get!

I'm also curious about that. But isn't $10 billion refer to total victim loss (rather than fine)?

[Stompix]

I'm more interested din the financial punishment they will receive than the sentence, SBF got 10 billions, I wonder what sums if any these 3 will get!

I'm also curious about that. But isn't $10 billion refer to total victim loss (rather than fine)?

They mashed together everything FTX ever received:

They said $8 billion represents how much Bankman-Fried made from “wire fraud and conspiracy to commit wire fraud on FTX’s customers, and the property involved in his conspiracy to launder the proceeds.” Another $1.72 billion represents the amount FTX raised from investors on false pretenses, and $1.3 billion accounts for the money that Bankman-Fried’s cryptocurrency trading firm owed lenders, prosecutors said.

So basically unless he pays 11 (my bad not 10) billion somehow, which he obviously has no chance of doing so he will leave with this forfeiture order for the rest of his life. Of course, they won't go after him if he makes the minimum living expense wage but any property under hisname unless is a card box will get seized.

[Lucius]

~snip~
So basically unless he pays 11 (my bad not 10) billion somehow, which he obviously has no chance of doing so he will leave with this forfeiture order for the rest of his life. Of course, they won't go after him if he makes the minimum living expense wage but any property under hisname unless is a card box will get seized.

Maybe it's another punishment that will follow him for the rest of his life, unless by some miracle he starts a new company after he gets out of prison and tries to repay the debt that way. Or maybe I just think that everyone should pay their debts, while on the other hand there are people who avoid it at all costs.

Still, for consolation, even when he gets out of prison he won't be poor, because he will inherit something from his parents - I'm just wondering if inheritance has anything to do with debt? If, say, he inherits a house worth $2 million, will the authorities take the house from him or not?

[Gurujebs]

What do you think about the co-conspirators in the FTX debacle?  What are the many lessons we can gain from this development and do you think things that happened with FTX, Sam and his minions will have a strong impact on the cryptocurrency industry as a whole?

I want to know where Carolina went to and why the law protected her despite been responsible for FTX funds, they made her testify against SBF and went hidden, could it be what I'm thinking? Could it be that she was use to make SBF go to prison and was promise light sentence or even walk away? There is no way that woman should be allow to go scot free including some other team members. Some funds were stolen through the back door from the exchange when FTX was announced not liquid, somebody must be responsible for that and should be brought to justice.