I just don't understand. The whole world knows that he stole billions of dollars and committed fraud. Not all the details may be 100% understood, but the evidence is strong enough that there is no doubt that he has committed a serious crime.<p>So, shouldn't he be arrested and in prison, or at least detained? Why isn't he? He still seems to be free and sending messages to employees. Is it because they can't extradite him from the Bahamas? What is going on?<p>This incident made me lose faith in the justice system and I need an explanation. I understand it doesn't happen the same day but it has been a week now and... nothing.
The reason to lock him up now would be a to ensure he goes to his trial. Locking people up to punish them happens when they are guilty. Bail is denied only if there is a risk they will pose a significant danger or will not show up.<p>The US government is in talks to extradite him, but he (allegedly) committed crimes in the Bahamas as well. There are legal proceedings going on now about who gets first crack at him. The Bahamas are keeping him from leaving the island so him fleeing isn't a major risk.<p>It seems extremely likely he will end up in prison for decades. But it takes a while to prove the crimes to the court. Heck, they brought in the CEO who cleaned up the wake of Enron to try to get people their money back and the first thing he did was write a long letter tot he court about how they would need more time just to understand where their bank accounts were and how much money was in them because everything was so messed up records wise. The prosecutors need to be able to tell the jury specifics they are still gathering.
No idea. I found the question interesting and looked into Enron a bit. No idea how comparable it is.<p>December 2, 2001 – Enron files for bankruptcy<p>February 19, 2004 – Jeffrey Skilling surrenders to the FBI, released on $5 million bond<p>January 30, 2006 – Trial starts<p>May 25, 2006 – Jury returns verdict<p>October 23, 2006 – Skilling sentenced<p>December 13, 2006 – Request to remain free during appeal denied, prison sentence begins
He is not in prison yet because he has not been proven guilty of a serious enough crime in a jurisdiction with the ability to put him in jail for that crime.
Justice is a rather slow process, and based on precise procedure.<p>Jailing to prevent him to disappear would make sense, but there is no urgency in the sense he likely can't lose another few billions next week.
<i>Why is SBF not in prison yet?</i><p>No idea. I hope he survives long enough to stand trial because as I understand it, he is just one pawn in a much bigger game and some high profile officials stand to be embarrassed or possibly arrested assuming they are not untouchable. The pessimistic side of me does not expect any of that to occur but rather he falls victim to sleeping guards and broken cameras.<p>Here [1] is one theory being discussed in some circles but I would not expect anything to come of it.<p>[1] - <a href="https://youtu.be/Ktc2CXC7WJs?t=575" rel="nofollow">https://youtu.be/Ktc2CXC7WJs?t=575</a> [video]
The only thing I'm a little concerned about is Bankman possibly being a flight risk. He obviously has the money and connections to find a boat or private jet to flee somewhere where he can't be legally extradited and pay enough bribes to live comfortably on stolen money for the rest of his days.<p>That said, I think it's probably better to have an air-tight case rather than risking some legal screwup on an ultra-complicated fraud case that would probably take weeks/months for an investigator to really begin to understand the full details of.
The federal government is most likely investigating and needs time to bring charges. Watching and waiting gives them time to gain witness cooperation and obtain evidence to bring the strongest charges possible.<p>The Feds have probably already interviewed SBF and will make sure he does not flee. In the meantime, it’s much easier to let him dig his own grave. He’s already made numerous incrimating statements that simply would not have happened in a holding cell.<p>The Bahamas may also be planning to bring their own charges, though they are likely to let the US take him first.
Because we demand more than "the whole world knows" before we put someone in prison. We demand a conviction in a fair trial. So far, that hasn't happened, because these things take months to years.
I'm also struggling to understand. Maybe he actually didn't broke any law ?<p>After all, it's all a network of shell companies in banana republics, and maybe it was all in the small print ?
Like this little gem in Coinbase terms, mentioning that your crypto assets are not really yours in case of bankruptcy and can be considered as assets used to pay debts ? (don't remember the exact wording, but that's the idea).<p>A better question is why people gave / put so much money on an exchange run by kids through a net of shell companies in banana republics ?<p>Why people are still putting so much money in Binance ? Tether ? If they disappear tomorrow with all the money - will any law be broken ? I'm not so sure actually - they don't even have official headquaters ! It's red flags everywhere, and yet, once it's over people will sure be angry about loosing all their money.
John Carreyrou’s bombshell article about Theranos came out in 2015, and Elizabeth Holmes wasn’t indicted until 2018. The gears of justice grind slowly, but they grind fine.
Reasons why he could end up in jail before being convicted:<p><pre><code> [ ] He's physically dangerous
[ ] He is likely to hide traces of his alleged crimes
[ ] He is likely to engage in witness tampering
[ ] He is likely to leave the country to a non-cooperating jurisdiction
[ ] He doesn't have powerful friends
</code></pre>
I will let you find the best answer(s) :)
It is amusing if not enlightening to watch all the LinkedIn profiles, Tweets and other online footprints being deleted as all those who dealt with him and supported this nonsense seek to erase that history.<p>A WSJ article suggested his Dad a tax law professor at Stanford was in tears at a restaurant in the Bahamas.<p>Justice is coming and his father knows it.<p>Nothing SBF does from now on will lessen his culpability, but perhaps his ongoing communications and actions might be used against him by those preparing the charges. All the better. He seems like a royal idiot.
Nitpick about “sending messages to employees”: he’s no longer CEO and therefore ‘employees’ are not beholden to execute his commands. Depending on the jurisdiction, this is somewhere between “freedom of expression” and “witness tampering”, and it would be in his best interest to STFU.
Contributions to the democrat party and Biden. Money laundering for Ukraine<p>(1)<a href="https://twitter.com/JagoeCapital/status/1592561227271929861" rel="nofollow">https://twitter.com/JagoeCapital/status/1592561227271929861</a>