Key Takeaways: Lessons Learned from Sam Bankman-Fried's Sentencing
2024 ж. 27 Нау.
6 859 Рет қаралды
In this live video, I discuss Sam Bankman-Fried's twenty-five-year sentence.
Justin Paperny
In this live video, I discuss Sam Bankman-Fried's twenty-five-year sentence.
Justin Paperny
The sentencing hearing was disastrous for SBF. He insulted the intelligence of everyone in that room. I think SBF should count his blessings that Judge Kaplan, despite being a tough judge, gave some consideration to SBF’s neurodivergence and lack of a capacity to feel empathy. I think SBF is the first white collar defendant I’ve seen that I could see reoffending. He thinks the only thing that went wrong was his luck. He doesn’t believe he committed an offense.
I was following the live feed - I think the first comments from Judge Kaplan were confirming that he (SBF) had also committed witness tampering and perjury. If that is the judge's prologue, you know it's not going to end well for the defendent and I agree it actually could have been longer (whatever your opinion on what the sentence should be).
@@richardpearce4988 Kaplan handled this very well. SBF really dug his own grave. If SBF took responsibility he would have gotten 10-15 years. If he plea bargained as soon as FTX collapsed probably 8-10 years.
@@Jack209 I agree - and with that plea bargining, probably actually out in 5-6 (may have even got RDAP with his use of amphetamine). But with no remorse shown, and no responsiblity taken, was always going to be a signifiicant sentence. I think Kaplan was tough but not vindictive.
right? kinda like Madoff!@@richardpearce4988
The Fyre Festival guy was horrific in his reoffending.
Madoff got 150 years ( life ). Still treating SBF like a precious little toddler....
The judge's reference to SBF being "remorseless" must have contributed to the 25 year sentence.
Without question. I cover that in the video. 100%
Thanks for your Information. SBF should have been tried on even more charges. The political donations with other people’s money. Also pretending to want to make the world better. A disgusting human in my opinion
Agreed ...
Dear Justin, I am not in the American justice system but have watched many of your videos and learned a lot of very helpful lessons on personal responsibilty. It has been an education. However I do think SBF's sentence is not part of an either or. That prison guard who committed an horrific offense should be severely punished. Poverty and other social problems do exist in great measure in the US. Those do not mean, in my opinion, that there is not also value for American society and societies who watch you (which is most of them, including mine) in a long sentence for SBF. There is very little to suggest he wouldn't do something similar again, that he and his family do not think he is still a genius and should be given back his company, and that other dodgy elements of crypto are hoping for small consquences for those prosecuted for similar offenses.
Just let it happen and buy safe assets next time. It takes Americans three times to learn something, hence, "third times the charm"
Thank you so much for your guidance and information that you provide us. Informing us to educate us but specifically me. Your organization is a great, teaching us how the court system works. I wish I can afford your services. Just wanted to say thank you. For giving us a positive outlook. God bless 😊
His sheeit-eating grin as he was leaving the courthouse shows it all.
right? whats up with that?
That was for his mama's boy persona.
This is solid, sound and wise advice for Sam Bankman-Fried. The problem is he won't take any of it. By all observations, SBF remains utterly delusional. He still believes that if he had better risk managed his stolen customer's assets and focused on 'liquidity', his customers would have been made whole. He does not accept that is irrelevant and that he stole billions and billions of his customers money in the first place. Amazingly, this is what he told the judge at his sentencing. He simply has not come to terms with the gravity of the deadly serious crime he committed and he is only sorry that he didn't get away with it. People will never get the economic circumstances of their assets back because the assets that were stolen have gone up ~400% since the bankruptcy petition date - but they only get the money valuation on that date (the bottom of the market). SBF getting 25 years means he got off light in all the circumstances.
😢😮
Is he CAPABLE of understanding the relationships between these types of actions and consequences? Are there actually others around him enabling his beliefs or is he so (delusionally) convinced of his intellectual (I assume) superiority that, by extension, there MUST be something flawed in everything everyone else says? Do these delusional attitudes "prove" him right (to himself) by accepting others will determine his fate - burn me at the stake thinking? (That's messed up logic, but not totally implausible.) Regardless of whatever behavioural anomaly he might possess, even HE can't possibly miss how this will end up. He must have received lots of advice about how to handle himself and more importantly, WHY. Only he can explain why he's chosen to conduct himself as he has.
@@northshorehighlanders6167 Yes I think you may be right - I do think its possible he thinks what he did was justifiable because he believes he has a superior intellect motive to make the world a better place. Its a highly delusional psychiatric complex.
Always great content and motivation. Thanks for sharing.
And thank you for watching.
excellent presentation
Thank you so much.
I like most of yours videos and questions.We cannot second guess every trial. Yes some people are imprisoned unfairly. However the majority are not. Trust in our judicial system is important to the confidence of the citizens.
I disagree. One witness with impact statement said 3 suicides resulted. Would I rather go light on SBF and put it into the money incinerator of “solving” LAs homeless problem? No. San Fran is perfect example of well paid bureaucrats not wanting to solve anything else lose their cushy positions.
Interesting to learn your team is working with others in the case. Explains some things.
His parents may well be feeling the emotions you mentioned but they benefited hugely from SBF’s crime…home in the Bahamas…huge financial pay etc
i'd like to see that original movie on the in-prison interview by the chicago professor, mentioned @ 46.21, can someone send the link, thanks !
I wish suf would listen to your message.
Me too.
If you don't take responsibility you're done before you've begun. It's so basic and simple. And as my old great Uncle who fought in WWII told me when I was a kid, common sense just isn't that common.
The people who were victimized by SBF won't forget him. His sentence should have been decided by those who lost their life's savings
The lesson is: You don't get rich without allowances from others and concessions from your part (see PDiddy). Do not go rogue and do what the mafia says or else.
Love your videos! As someone from SB County, Lompoc is pronounced LOM-poke in these parts.
Hey thanks! I’m always pronouncing it incorrectly and getting reprimanded dammit!! When I say it, I tell myself, “it’s coming!
How does the post-arrest behavior of the prison guard compare with SBF's?
He needs at least enough time in prison to figure out what he did was wrong. 25 years may not be enough for that alone.
Thanks
You’re welcome.
Always love your take on everything - so sensible and motivational! Loved your Holmes coverage as well! also I dont get people in the comments wishing white collar criminals to get life sentence. Like, they are assholes, right, but there are unfortunately way worse crimes and way worse criminals. Save your hate for those. PS: why are you saying SBF will get only 15 years? greetings from Ukraine
No sympathy from me - dude knew exactly what he was doing and then doubled down on bad decisions after he was charged. It's not the judge's fault, it's not the "system's" fault it's SBF's fault. In a year or two people will largely forget about him and he'll be figuring out how to trade ramen soups for something he considers more valuable.
Re the prison guard's sentence: it's like comparing apples to oranges. Re SBF changing his ways ("Dear Judge Kaplan...): remember a tiger doesn't change its stripes.
Judge said, he flipped the coin. Now pay the consequence. 25yrs is on the lenient side. Should have been 30, taking into account the parole margin. On the bright side, he now will have an audience that would drink on his every word, and we all know there are many ehr many erh many.
With his parents and his former colleagues/lover/friends, also looking at jail time, what support network does SBF have. As the "whipping boy" for those who used Holmes to pump-and-dump Theranos stock, while the going was good, and who also ought to have seen jail, Holmes was convicted on a lesser range of charges than SBF, so got less of a sentence. As for proportionality in the eyes of the law: It may be that this type of "victimless" crime is a more attractive proposition to commit, so the public need the weight of time-to-be-served, as a disincentive.
SBF must have known that a long jail sentence was coming, he has plenty of resources so why did he not arrange to travel to a country where it would be difficult if not impossible to extradite him to the USA? Now that he's been jailed why does he not use his resources to escape when he is transferred to a lower security jail?
I am way too fascinated/interested in how you spent your time in prison 😂 But I think it’s partially because there are lessons from how you spent your time inside that are applicable to life on the outside: it can be easy to sleepwalk through free life too. It can be easy to work excessively to avoid bigger questions or goals in free life. I find the parallels to be interesting and something that can improve my ordinary life on the outside- what are my bigger goals in life? What steps am I going to take to get there?
Is it true that with the “first step act” he can be out in 12.5 years?
That is not correct, unless he gets a compassionate release.
@@WhiteCollarAdviceOfficial85% of the sentence
SBF wasn't very good at running a business but he is arguably an amazing math, programming and financial trading. He should contribute in those fields instead of teaching people to run a business. I would argue he needs to bow his head and actually learn how to properly run a business in prison instead. He can still sell the other skills.
DoJ ... how's Tim and the Cook? They were both very photogenic.
I was expecting at least 50 years...thats pretty fair in my book .
Bankman-Fried should have gotten 35 - 50 years
Ah, the memories. The jingle of the COs keys, then "Count, time, count time, gentlemen." That and "yard recall". SBF needs a tan. Have him work in landscaping. It'll help get him in shape. He's young. He'll survive just fine. Just don't get a shot, trash your GTC and wind up in the SHU. No parole in federal. BOP = backwards on purpose. Until he has 10 years left, he be confined in an FCC, then he'll be eligible for a camp. Credit for time served @ MDC. He could also shorten it up getting into RDAP. Michael Santos is a wonderful comfort and guiding force for those facing federal prison.
25 years means he got off light in all the circumstances should be 100 years for all the people he bankrupt. How much money does he have hidden?
As usual, you are very concerned when it comes to long prison sentences for white collar criminals, however rare they are. What would be appropriate for Sam Bankman-Fried? 25 months? 25 weeks? 25 days? Why not 25 minutes?
10-15 years would have served the purpose, I think.
@@WhiteCollarAdviceOfficialAnd 10-15 years will probably be just about the amount of time, he will end up actually spending behind bars before someone decides that, being white and from a privileged background, it won't be fair to keep him inside. Thanks for your honest reply and for your willingness to engage in this discussion. I rarely agree with you, but that, I respect.
An attorney thinks his last 10 years will be spent at home. How is that possible. The prison guard should have 50 years!!!
Look at how effectual I was without one smidgen of input as of yet. What do we deduce from that, DoJ?
I am from Europe and in general, Prison Terms in the US are way too high on a lot of crimes, and rehabilitation especially in many state prison systems seems to be lip service at best. But the What-about-ism is really not helpful. What-about - What-about the existences SBF ruined? Certainly not all of his victims, but some lost their life savings, and faced extremely serious consequences for themselves and those around them - up to and including self harm. What about those who lost a lot of their future prospects, like college funds etc. What Holmes did for the most part was defraud investors. At least from what I understand about her "business" they only affected the general public in a limited way, and it is considerably more plausible her "fake it til you make it" really aimed to provide products / services. SBF / Alameida etc. was set up as ponzi scheme and fraud from the outset. So to me relative to Holmes, his sentence seems reasonable.
We in America are appalled at how short prison terms are in Europe. There seems to be no desire to take REVENGE on the perpetrator for the EVIL he/ she has caused. Do you not think the victims of crimes are entitled to REVENGE.....simply knowing the crook is suffering every day for his/ her misdeeds?
Dont think it would have made a difference if he pleaded guilty..
25yrs will do 18yrs he should do a Aaron Hernandez
Justin, I really enjoy your commentary and perspective. But at 22:50 you are coming in pretty hot about the length of SBF’s sentence. You and your viewers may forget him in a year or two, but I can guarantee you that his numerous victims will not. Couple that with his lack of remorse and witness tampering, and it is reasonable to believe that he likely to offend again because he sees himself above the laws that govern us mere mortals who are not math geniuses. Further, I think the judicial system needs to send a message that an “Oops, sorry, my bad. I didn’t mean to do it,” is not enough. With all the resources available to SBF, he could have chosen to take a plea deal. He did not and continues to show that he feels he did nothing wrong, and that he is the smartest person in the room. So many of your videos talk about how poorly Sam Bankman Fried played the game after being charged and convicted. He is not like other convicts you talk about who had terrible childhoods, suffering abuse, privation, racism, drug addiction, etc. With all that, he still received less than 25% of the maximum. He may not have killed or raped anyone, but his 8 billion dollar fraud ruined lives nonetheless, and that shouldn’t be forgotten. And why did he do it? So he could live like a king and still receive praise and accolades for being a generous, humble human being. 🙄
So much to unpack here. Soon I’ll cover.
@@WhiteCollarAdviceOfficial Just address why the concept of REVENGE upon the criminal is bad.....I think it is very good
No loss = reduced on appeal to 12 years. He serves 7 in camp & walks out. If he was Christian/ Repub: life in prison.
You keep bringing up the money of keeping him in prison. He stole what, 10 billion dollars for who knows what nefarious purpose? You could save how many lives with that money? The harm he did is not easily quantifiable like an assault. He's clearly guilty and arrogant has no moral qualms about his actions. The tax money is well-spent. If you want better prison conditions and reform, argue that. Not that his punishment is unjust.
His victims lost 10 billion USD. Multiple suicides and bankruptcies. 25 years is "light".
I really am beginning to despise anecdotes. They are the bane of reason and rationality. I don’t mean anecdotes as in stories about your own life that you tell for fun- I’m talking about the use of single, rare-case exceptions as evidence of some supposed larger problem. Obviously, a prison guard r*ping prisoners is a revolting human being who deserves far more than 6 years. And it’s possible that bankman fried deserved less than 25 years. These facts are not in dispute. The issue is that the myriad factors that went into determining these sentences- not only the factors that the judge used, but other factors that may have made certain sentences impossible- are highly complex and intertwined. It’s meaningless to compare one instance of over-sentencing with one instance of under-sentencing. I mean, you can compare them to say that one or both of those individual sentences are unfair. But as some kind of metric of sentencing in the criminal justice system as a whole, it’s totally useless. In the case of the prison guard, for example, there may not have been enough evidence to be certain of a conviction at trial, and the prosecutor made three best deal he could that assured jail time. We don’t habitually sentence violent offenders to minimal jail time. Sex offenders are given especially harsh sentences generally speaking, as they should be. In Florida sex offenses can now be charged as capital crimes. It probably is fair to say that in the US generally, sentences for federal white collar crimes are overly punitive. But that argument gains no traction by comparing them to sentences for violent crimes, which are truly draconian.
His thefts have to be paid by us. That’s what bankruptcy is, isn’t it?
So, what happens to the GF and the other so called 'conspirators'? I guess they just walk? Are the parents still being sued? How's that all going?
those "parents" are certifiable
3 of the conspirators have already pleaded guilty and are awaiting sentencing. The parents are being sued by FTX to get back their ill- gotten gains and may also face criminal charges
He's gonna walk in 10 years.
dont bet on it
@@renardfranse he's chartered Jewish royalty. He's gonna walk.
10 years is a LONG time
My understanding is federal sentences require 85% of the sentence to be served minimum. Like how Elizabeth Holmes is doing 9 years even if she behaves.
@@MakerInMotion bankman is Jewish royalty connected to Likud and Trump. Any republican president would pardon him. So he just has to pray GOP wins.
Way too long!! Five years fine
Yes
Sam's parents have been con artist there whole life's he's the apple of there crooked eye's
Deterrent sentencing!
10-15 years would have also deterred.
More appropriate and survivable than 25 years, one might argue
SBF - will be fine !!!! He’s a white male who was raised in affluent lifestyle. If you can’t do the crime Don’t do the crime !! Will his parents survive and live while SBF is warehoused ??? Do your time Mind your business Make parole and rebuild your life !!
The first thing my wife said when I told her about SBF's sentence was: "What about Hunter Biden?" Sanjosemike (no longer in CA)
Yeah....what about him....since the case seems to be falling apart before our eyes.......but of course you wouldn't know that, would you?
@@MsCardio1 I think we both know that if ANY of these charges or facts of the case were involved with a relative of Trump, he/she would be in jail by now. The case against Hunter did not “fall apart.” They just chose not to prosecute. Sanjosemike (no longer in CA)
he achieved something.....yes how to STEAL/ LOSE 8 BILLLION dollars . What an accomplishment !!!