SBF sentencing live updates: FTX founder says he made ‘selfish decisions’ at failed crypto exchange
FTX founder Sam Bankman-Fried faces a maximum possible sentence of 110 years in prison under federal sentencing guidelines for the massive fraud conspiracy that led to the collapse of his cryptocurrency exchange and a related hedge fund, a judge ruled Thursday.
Judge Lewis Kaplan increased the sentencing guidelines range for Bankman-Fried after finding that he had perjured himself at his trial and knowingly obstructed justice.
Kaplan, who will sentence SBF later Thursday in Manhattan federal court, is not bound to give him that much time. But the ruling underscores the risk that Bankman-Fried will spend decades in jail.
The judge also found Thursday that the total loss of the fraud at FTX exceeded $550 million. Anything more than that is “just gravy,” Kaplan noted, referring to the fact that any more loss would not increase the top end of the guidelines.
However, Kaplan said he “rejects the entirety of defendant’s argument there was no loss” at FTX, calling that claim “misleading, logically flawed and speculative.”
After Kaplan ruled on the guideline enhancement, several victims of Bankman-Fried began talking about the effects of his crimes.
Bankman-Fried, who was wearing a beige jailhouse jumpsuit, looked at the victims as they talked to the judge.
Federal prosecutors want Bankman-Fried sentenced to between 40 to 50 years in prison. His defense team asked Kaplan to sentence him to much less than that, between five and six-a-half years behind bars.
Kaplan presided over the trial, which ended in November when a jury found Bankman-Fried, 32, guilty of seven counts and held him responsible for the roughly $10 billion of customer deposits that went missing in 2022.
The charges included wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders to sister hedge fund Alameda Research; conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors; and conspiracy to commit money laundering.
Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, are in the courtroom for the sentencing hearing.
FTX’s former CEO and founder Sam Bankman-Fried’s mother, Barbara Fried (L), and his father, Joseph Bankman, arrive at Manhattan Federal Court for his sentencing at Manhattan Federal Court in New York City on March 28, 2024.
Timothy A. Clary | Afp | Getty Images
Southern California truck spotters will have plenty of electric semi trucks to watch out for as Amazon adds fifty Class 8 EVs to its commercial fleet.
The fully electric Volvo semi trucks purchased will haul both heavy cargo containers and customer package loads in Amazon’s first- and middle-mile operations in California. The trucks will join the hundreds of last-mile electric vans from Ford and Rivian that are already delivering packages across the golden state.
These are the first-ever electric trucks in the company’s ocean freight operations, also known as drayage operations. They’ve already started hitting the road at the ports of Los Angeles and Long Beach, with a dozen expected to be in service by the end of the year.
“We’re proud to launch our largest fleet of electric heavy-duty vehicles yet in California,” said Udit Madan, vice president of Worldwide Amazon Operations. “Heavy-duty trucking is a particularly difficult area to decarbonize, which makes us all the more excited to have these vehicles on the road today. We’ll use what we learn from deploying these vehicles as we continue to identify and invest in solutions to reduce emissions in our transportation network, and to impact sustainability in the trucking industry more broadly.”
Amazon picks Volvo VNR Electric semi
Amazon’s electric semi of choice this time is the Volvo VNR Electric. These class 8 trucks have a range of up to 275 miles with a gross combined vehicle weight rating (GVWR) of 82,000 pounds. The heavy-duty Volvo trucks ship with a number of safety features that will be familiar to Volvo Car owners, including active collision mitigation, blind-spot detection, lane departure warning, lane keeping assist, and adaptive cruise control.
Altogether, the Volvo VNRs Amazon just added to its fleet are projected to travel more than 1 million miles each year with zero harmful carbon and diesel particulate emissions coming out of their exhaust pipes.
Electrek’s Take
On the one hand, Amazon is making a big deal out of buying electric drayage trucks – which isn’t really big a deal in 2024, since that’s a legal requirement at this point. You literally can’t buy a new, internal combustion drayage truck in California as of this year.
That said, I’m a “celebrate every positive change” kind of guy, and the people who live and work around Amazon’s operations will be literally and figuratively breathing easier with these trucks in operation. As such, I’m willing to give California Governor Gavin Newsom a victory lap.
“California continues to lead the way in setting world-leading climate goals. No other state has created the kind of environment where Amazon and other businesses can lead on sustainability and take major steps forward like deploying this fleet of electric trucks,” said Gavin, in a statement. “California’s climate action continues powering our economy and creating jobs.”
SOURCE | IMAGES: Amazon.
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Thanks to the $10,000 Polestar Clean Vehicle Incentive introduced last week, 2024 Polestar 2 lease prices are now over $120 a month cheaper.
CarsDirect reports that through May 31, the 2024 Polestar 2 Long Range Dual Motor can be leased for $299 for 27 months with $3,299 due at signing.
The auto research portal says that’s a $50 drop in the monthly payment with $2,050 less required at signing. As a result, the effective cost fell $126, from $547 per month to $421 before taxes & fees.
The Polestar 2 Dual Motor – list price $55,300 – is a much better deal to lease than the Single Motor model – list price $49,900 – because amazingly, they have the same lease price. That’s basically a free upgrade to the Dual Motor model.
The Polestar 2 first made its debut in 2019 as the automaker’s first fully electric car. It launched in mid-2020 and the milestone 150,000th car rolled off the assembly line in August 2023.
The Polestar 2 is expected to be phased out in 2027, and company says the Polestar 7 will succeed it.
Click here to find a local dealer that may have the Polestar 2 in stock. –affiliate*
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