#prison
46 articles found
Latest
The legal team of former FTX CEO Sam Bankman-Fried have challenged the prosecution's call for a maximum 50-year prison term, criticizing it as an outdated punishment method. This position was detailed in an official statement regarding the anticipated sentencing. 
In a recent courtroom confession, Ryan has agreed to pay a $6 million fine to the US government, reimburse FTX creditors with $5 million, and forfeit two Massachusetts properties along with his Porsche. The former FTX executive admitted to illicit campaign financing and running an unlicensed money transfer business. “I made $10 million in political contributions and called them loans, which I never intended to repay,” said Salame. He could face up to 10 years in federal prison. 
OpenSea Head of Product Receives Prison SentenceNate Chastain has been sentenced to three months in prison for engaging in insider trades that amounted to $50,000.
Chastain, aged 33, was found guilty of fraud and money laundering in a federal court in New York in May. This case marked the conclusion of what prosecutors deemed the first significant NFT insider trading case.
Chastain profited by purchasing and selling at least 45 NFTs he was aware would be featured on OpenSea’s homepage.
U.S. Attorney stated, “Today’s sentence should serve as a warning to other corporate insiders that insider trading – in any marketplace – will not be tolerated.” 
Ex-Mobster Shares His Take on SBF
Former New York gangster Gene Borrello recently spoke out in an interview with crypto blogger Tiffany Fong. During the conversation, he opened up about his time in prison with Sam Bankman-Fried, sharing his impression of the crypto community's most talked-about inmate. 
Gang-Controlled Prison Hides Weapons, Drugs, and Bitcoin Rigs
In a massive operation involving over 11,000 police officers backed by tanks and armored vehicles, Venezuelan authorities took control of the Tocoron prison.The aftermath of the operation exposed a collection of explosives, firearms, missile gear, illicit substances, and Bitcoin mining rigs. 
The former MT. Gox CEO shared a remarkable story. After his 2015 arrest, he faced a daunting task: sifting through 20,000 pages of evidence using just a basic accounting calculator he bought for $120 from the prison commissary. "I'd spend the next couple of months going through the accounting information provided by the prosecution, and managed to find some 5.5 million USD worth of revenue that wasn't accounted for. Suddenly, the argument raised by the prosecution didn't make sense," commented Mark Karpeles. This simple calculator changed the game. After nearly a year in custody, he was granted bail and, two years later, fully cleared of charges. 
Sam Bankman-Fried's attorneys argue that he cannot adequately prepare for trial in prison. This is due to prosecutors handing him an additional four million pages of documents to review just six weeks before his scheduled October trial.
"We do not believe that anything short of temporary release will properly address these problems and safeguard Mr. Bankman-Fried’s right to participate in his own defense," the attorneys wrote. 
After his brief time in custody, Sam Bankman-Fried is already petitioning to spend five days each week outside the confines of the detention facility. His legal team is vocal about the obstacles he's facing, especially the considerable challenge of reviewing numerous papers connected to his case whithin the detention center. 