Defraud rich people? Go to jail.
Defraud the rest of us? Get promoted to CEO.
this post was submitted on 14 Aug 2023
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That was his real crime. He stole rich people money. Where's the CEO of bitconnect? Not in jail, I can tell you that.
Glenn Arcaro was sentenced to 38 months in September 2022
Arcaro was an American co-conspirator, not the CEO
AFAIK the CEO was not in America when BitConnect scam got exposed. He was in India and managed to disappear. If found, he faces 70 years in prison. Arcaro was the second in command. That's better than nothing.
What did he do?
Bitconnect was a crypto ponzi scheme
He didn't defraud the rich lol. The exchange was one of the most popular among cryptocurrency users. There are no minimum and no sign up fees. The number of people he defrauded is probably in the millions.
If anything, knowing crypto, the rich almost certainly had insider knowledge and withdrew their funds before everything collapsed.
Big investors into his company got burned too.
Give me all your money! No no I'm not robbing you, I wanna be CEO and I need this on my resume.
Just cuz u asked like that—SOLD! You silver-tongue-sumbitch ;)
I believe the majority of investors into FTX were pretty much just regular people
Dude wanted to build a bunker for a possible "Apocalypse". Another delusional billionaire. Glad this guy got caught.
Now, delusion aside, I don't know why some want to be around in a post-apocalyptic world.
Especially as a billionaire, which wouldn't make a difference after a catastrophic collapse of the financial system.
You’re just not thinking like a narcissistic billionaire.
You see, the financial system didn’t make him a billionaire. His innate genius and talent did. All the system has done is prevent him from truly achieving greatness, with its laws and regulations.
But post-apocalypse? All that is swept away. He can be more than a mere billionaire. He can make the world the way it should be, directly, without the slow, imperfect process of buying politicians and funding think tanks.
And, of course, he will be one of the ones to rise to the top. He’s a billionaire. The cream of the crop. He didn’t just luck into his wealth through family or ~~gambling~~ investing. His inherent greatness placed him at the top, and it will obviously do it again when society collapses.
I don’t know why some want to be around in a post-apocalyptic world
Humans have a strong will to survive and we're great at adapting. I don't quite see what's so strange about it. If a plane crashes into ocean and I find myself on a deserted island I'd try to survive there too. Ofcourse in a post apocalyptic world there's no hope of help arriving but that doesn't really change anything for me. I find thinking about stuff like this fascinating and I'd absolutely build myself a "doomsday bunker" if I was a millionaire. Not because I believe or hope that day might arrive when I need it but simply just because it's kind of a hobby of mine.
sure I wouldn't actively go after death, but wasting resources building and maintaining a bunker for a hypothetical post-apocalyptic and miserable life... just saying that this is a rational decision and given a rational thought I would rather be gone in this scenario.
now the hobby aspect I kind of understand.
Yeah it's wasteful for sure and many of these people are building these somewhere in New Zealand for example expecting that they can just fly a private jet there when the shit hits the fan. If I were to build one I'd want to live there too so it wouldn't just be a concrete box under ground.
Yeah building a resilient, secure and sustainable home would be amazing, paying someone to build a bunker in NZ is just another way for rich people to show off.
I bet there's a bunker builder somewhere in New Zealand laughing with his mates 'ok so if it actually goes to shit you can have zucks bunker, Bob and Mary can have Gate's, I'll have that oil guys one with the underground swimming pool - talking of which, you coming to the party there next weekend?' I mean what are they going to do when they get to their bunker and it's already locked down with the gun turrets activated?
So does Steve Spez Huffman. Fuck him and his stupid fucking teeth.
There are more like him who will probably survive whatever comes in the first months. I pity the survivors who have to deal with their bullshit.
Jail ≠ prison, this just means he's going to have a worse time waiting for trial.
This is the best summary I could come up with:
Bankman-Fried had been under house arrest, but prosecutors convinced Judge Lewis A. Kaplan of the Federal District Court in Manhattan that Bankman-Fried had fed documents to the media in order to intimidate a witness in the case.
In June, Bankman-Fried filed a motion to dismiss, hoping that some of those charges would be dropped.
But Kaplan decided that his arguments in the motion were "either moot or without merit,” CNN reported.
In that report, Bankman-Fried shared private writings of Caroline Ellison, a former FTX executive and former girlfriend to Bankman-Fried who has pled guilty and is currently cooperating with law enforcement in their investigation of the cryptocurrency exchange, the Times reported.
The court found that Bankman-Fried tampered with witnesses at least twice, Reuters reported.
According to The New York Times, "The Times, the Reporters Committee for the Freedom of the Press, and a documentarian making a film" about Bankman-Fried "each submitted court filings raising First Amendment concerns about the gag order."
I'm a bot and I'm open source!
I somehow skimmed this as Sam Altman for a brief moment.
That's next month
Sorry, I seem to be out of the loop, who’s that and what did they do?
Sam Altman is the CEO of OpenAI. I imagine it has to do with the lawsuit over stolen data, but that's not a criminal case
Username checked out.
Sam Bankman-Is-Fried
“I’d like to request that jail be delayed, pending the outcome of my other request.”
Wow. That’s some circular shit. No wonder they said no.
But not our kind of prison. he will be going to a nice cush place with all the amenities of the wealthy elite.