DOJ Drops Second Trial Against Sam Bankman-Fried: What Does It Mean?

The Decision to Not Move Forward

On December 29, 2023, after 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) made an important announcement. They conveyed in a letter to Judge Lewis Kaplan that they have decided not to pursue a subsequent trial against Sam Bankman-Fried, the ex-CEO of FTX. This decision has sparked widespread interest and speculation.

Reports Confirming the Decision

Several reports on Friday evening confirmed the DOJ's decision. Prosecutors have chosen not to move forward with a second trial against Sam Bankman-Fried (SBF). Matthew Russell Lee of the Inner City Press shared the update on X, providing a snapshot of the DOJ's letter. He also distributed it on his Patreon, ensuring that the information reached a wider audience.

Russell Lee highlighted the implications of this decision, stating, "So no evidence and cross examination about the campaign finance and China bribe counts, no getting to the bottom of who took the money." He further noted that officials in the Bahamas, whose request to drop these charges was cited by the DOJ, are believed to have taken money from SBF and FTX customers.

Reactions and Questions

Following the announcement, users on X expressed their thoughts and opinions about the DOJ's decision. One user, known as 'amuse,' commented, "Shock: SBF won't force Biden to prosecute him for making illegal campaign contributions to Democrats." Another individual raised questions about the beneficiaries of these financial transactions, now that the campaign finance and China bribe counts have been dropped.

The DOJ's Explanation

In its letter, the U.S. government clarifies that much of the evidence that would be offered in a second trial had already been presented in the first trial. The court can consider this evidence during SBF's sentencing in March 2024. The DOJ cited the "practical reality" and the "strong public interest in a prompt resolution of this matter" as the reasons behind their decision.

The Potential Consequences for SBF

While the DOJ dropping the second trial may seem like a relief for SBF, he still faces the possibility of an extensive incarceration period. He has been found guilty on numerous counts of fraud and money laundering. If the judge imposes the harshest sentences consecutively, SBF could receive a maximum of 110 years in prison. SBF's sentencing is scheduled for March 28, 2024.

Share Your Thoughts

What are your thoughts on the DOJ's decision to drop the second trial against Sam Bankman-Fried? Feel free to share your opinions and insights on this subject in the comments section below.

Frequently Asked Questions

What precious metals can you invest in for retirement?

Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.

Gold: The oldest form of currency known to man is gold. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.

Silver: Silver is a popular investment choice. It's an ideal choice for those who prefer to avoid volatility. Silver, unlike gold, tends not to go down but up.

Platinum: This precious metal is also becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. It's however much more costly than any of its counterparts.

Rhodium: Rhodium can be used in catalytic convertors. It's also used in jewelry making. It is also very affordable in comparison to other types.

Palladium: Palladium, which is a form of platinum, is less common than platinum. It is also cheaper. It's a popular choice for investors who want to add precious metals into their portfolios.

Can I have physical gold in my IRA

Gold is money and not just paper currency. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.

Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.

One reason is that gold historically performs better than other assets during financial panics. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.

Another benefit to investing in gold? It has virtually zero counterparty exposure. Your stock portfolio can fall, but you will still own your shares. Gold can be worth more than its investment in a company that defaults on its obligations.

Finally, gold offers liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you to take advantage of short-term fluctuations in the gold market.

Can I purchase gold with my self directed IRA?

While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. You can also transfer funds from another retirement account if you already have one.

The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.

If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments based on the price of gold. These contracts allow you to speculate on future gold prices without actually owning it. You can only hold physical bullion, which is real silver and gold bars.

Can I own a gold ETF inside a Roth IRA

This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).

A traditional IRA allows for contributions from both employer and employee. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.

An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.

Also available is an Individual Retirement Annuity. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs do not have to be taxable

What are the pros & con's of a golden IRA?

An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. However, there are also disadvantages to this type of investment.

You could lose all of your accumulated money if you take out too much from your IRA. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.

A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5% and 2.0% per year. Others charge management fees that range from $10 to $50 per month.

If you prefer your money to be kept out of a bank, then you will need insurance. Many insurers require that you own at least one ounce of gold before you can make a claim. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.

If you choose to have a gold IRA you will need to establish how much gold to use. You may be limited in the amount of gold you can have by some providers. Some providers allow you to choose your weight.

It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more expensive than gold futures contracts. Futures contracts allow you to buy gold with more flexibility. Futures contracts allow you to create a contract with a specified expiration date.

You also need to decide the type and level of insurance coverage you want. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. The policy does not cover natural disasters. Additional coverage may be necessary if you reside in high-risk areas.

Apart from insurance, you should consider the costs of storing your precious metals. Storage costs are not covered by insurance. Banks charge between $25 and $40 per month for safekeeping.

A qualified custodian is required to help you open a Gold IRA. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians cannot sell your assets. Instead, they must maintain them for as long a time as you request.

After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. You should also specify how much you want to invest each month.

You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. The company will then review your application and mail you a letter of confirmation.

A financial planner is a good idea when opening a gold IRA. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.

Should You Get Gold?

In the past, gold was considered a haven for investors during economic turmoil. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.

While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.

Some experts think that this could change in the near future. They say that gold prices could rise dramatically with another global financial crisis.

They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.

These are some important things to remember if your goal is to invest in gold.

The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save for retirement and not invest your savings in gold. The added protection that gold provides when you retire is a good option.
Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each offers varying levels of flexibility and security.
Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.

Do your research before you buy gold. And if you already own gold, ensure you're doing everything possible to protect it.

How Do You Make a Withdrawal from a Precious Metal IRA?

First, you must decide if you wish to withdraw money from your IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.

An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. This option is also available if you are willing to pay taxes on the amount you withdraw.

Next, you'll need to figure out how much money you will take out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.

Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.

Once these calculations have been completed you will need to open an account with a brokerage. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.

When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. You will need to weigh each one before making a decision.

Bullion bars, for example, require less space as you're not dealing with individual coins. But you will have to count each coin separately. You can track their value by keeping individual coins.

Some people prefer to keep coins safe in a vault. Others prefer to store them in a safe deposit box. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.

Statistics

The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
(Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
You can only purchase gold bars at least 99.5% purity. (forbes.com)

External Links

How To

3 Ways to Invest in Gold for Retirement

It's important to understand how gold fits in with your retirement plan. There are several options to invest in precious metals if your employer has a 401k. You might also be interested to invest in gold outside the workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.

These are the three rules to follow if you decide to invest in gold.

Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, put cash into your accounts. This will help to keep your purchasing power high and protect you against inflation.
Physical Gold Coins – Physical gold coins are better than a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins don't require storage fees.
Diversify Your Portfolio. – Do not put all your eggs into one basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.

—————————————————————————————————————————————————————————————-

By: Jamie Redman
Title: DOJ Drops Second Trial Against Sam Bankman-Fried: What Does It Mean?
Sourced From: news.bitcoin.com/doj-halts-second-trial-against-ftxs-bankman-fried-citing-sufficiency-of-initial-evidence-and-public-interest/
Published Date: Sat, 30 Dec 2023 01:30:14 +0000