Sam Bankman-Fried Gears Up to Assert Innocence in High-Stakes Trial
Former FTX chief, Sam Bankman-Fried, is preparing to take the witness stand and testify in his ongoing trial. In recent weeks, several witnesses have spoken against him, but Bankman-Fried is determined to plead his case directly to the jury.
Bankman-Fried has already shared his side of the story with outlets like The New York Times and Good Morning America. Now, he is ready to face a panel of 12 jurors and six alternate jurors to assert his innocence.
Defense counsel Mark Cohen announced that Bankman-Fried will be testifying in a press statement conducted via teleconference. This development has gained widespread attention, and Matthew Russell Lee of Inner City Press has confirmed that he will be broadcasting a live stream of Bankman-Fried's testimony through the social media platform X.
Bankman-Fried has listened to testimonies from past colleagues, including Caroline Ellison, Gary Wang, and Nishad Singh, who have testified against him. Despite these challenges, he maintains his innocence and has pleaded not guilty to all charges. However, he faces the possibility of a sentence exceeding 100 years in prison.
The scheduled date for Bankman-Fried's testimony is Thursday, October 26, 2023. Cohen has hinted that the examination will be comprehensive and is expected to take up the entire day.
Bankman-Fried won't be alone in his defense. Joseph Pimbley of PF2 Securities is also set to testify on his behalf. This latest development follows strategic moves by both the U.S. government and Bankman-Fried's defense team as they submitted their juror preferences and requests in anticipation of the trial's outcome.
What are your thoughts on Bankman-Fried testifying at his trial this week? Feel free to share your opinions and thoughts on this subject in the comments section below.
Frequently Asked Questions
Are gold and silver IRAs a good idea?
This could be a great way to simultaneously invest in gold and silver. There are also many other options. We are happy to answer any questions you may have about these types of investments. We are always here to help!
What precious metals will be allowed in an IRA account?
The most common precious metallic used in IRA accounts, is gold. Investments in gold bullion coins or bars can be made as well.
Precious Metals are safe investments since they don’t lose value over the long-term. They can also be used to diversify investment portfolios.
Precious metallics include platinum, silver and palladium. These metals share similar properties. However, each one has its unique uses.
For example, platinum is used in making jewelry. You can create catalysts with palladium. The production of coins is done with silver.
It is important to consider how much money you are willing to spend on your precious metals when making a decision about which precious material to choose. A lower-cost ounce of gold might be a better option.
You should also think about whether you want to keep your investment private. If you have the desire to keep your investment private, palladium might be the best choice.
Palladium is more valuable than gold. It is also more rare. It's likely that you will have to pay more.
Storage fees are another important consideration when choosing between silver and gold. You store gold by weight. If you have larger amounts of gold to store, you will be charged more.
Silver is stored by volume. You'll be charged less for smaller amounts.
You should follow all IRS rules if you plan to store precious metals in an IRA. This includes keeping track, and reporting to the IRS, all transactions.
Which type of IRA is the best?
When choosing an IRA, it is important to choose one that suits your lifestyle and goals. You should consider whether you wish to maximize tax deferred growth, minimize taxes now, pay penalties later or avoid taxes altogether.
The Roth option can be a smart choice if your retirement savings are limited and you don't have any other investments. It is also an option if you are still working after age 59 1/2. You can expect to pay income taxes for any accounts that are withdrawn.
If you plan on retiring early, the traditional IRA may be better because you'll likely owe any taxes on the earnings. But if you're going to work well past age 65, the Roth IRA might make more sense since it allows you to withdraw some or all of your earnings without paying taxes.
What type of IRA is used for precious metals?
Employers and financial institutions often offer Individual Retirement Accounts (IRA) as an investment vehicle. Through an IRA, you may contribute money to an account that grows tax-deferred until withdrawn.
You can save taxes by setting up an IRA and then paying them off when you retire. This allows you to save more money today and pay less taxes tomorrow.
An IRA's beauty is that earnings and contributions grow tax-free up to the time you withdraw them. There are penalties for early withdrawal if you do.
You can also make additional contributions to your IRA after age 50 without penalty. If you decide to withdraw your IRA from retirement, you will owe income taxes as well as a 10% federal penalty.
Refunds received before the age of 591/2 are subject to a penalty of 5% from the IRS. There is a 3.4% penalty for withdrawals between the ages 70 1/2 and 59 1/2.
There is a 6.2% penalty for withdrawals over $10,000 per calendar year.
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
Precious metals approved by the IRA
IRA-approved metals are great investments. You have many options to diversify your portfolio, protect yourself against inflation, and from silver coins to gold bars, there are many.
Precious Metal Investment Products come in two main formats. Physical assets such as coins and bars are called physical bullion because they can be physically accessed. However, exchange-traded fund (ETFs), which are financial instruments, track the price movement of an underlying assets, such as gold, and can be purchased directly from the company issuing them. ETFs trade like stocks on stock exchanges, which means investors can buy shares of them directly from the company issuing them.
There are many types of precious metals that you can purchase. For jewelry and ornamentation, gold and silver are common. Platinum and palladium are associated more with luxury items. Palladium is more stable than platinum and therefore better suited for industrial purposes. While silver can be used for industrial purposes, it is more commonly preferred for decorative purposes.
Because of the costs involved in mining and refining raw material, physical bullion products can be more costly. However, they are generally safer than paper currencies and provide buyers with greater security. In particular, when the U.S. dollar is less powerful than it once was, consumers might lose confidence in the currency. Physical bullion products on the other side do not depend upon trust between countries and companies. They are backed instead by central banks or governments, providing customers with peace of mind.
The supply and demand for gold affect the price of gold. Demand rises, and the price goes up. On the other hand, supply falls when demand exceeds demand. Investors have the opportunity to profit by fluctuations in gold's price. Because they are able to receive higher returns on their investments, physical bullion product owners benefit from fluctuations in the price of gold.
Precious metals can't be affected by economic recessions. The price of gold will rise as long as there is strong demand. Precious metals, which are safe havens for times of uncertainty, are therefore considered to be safe havens.
These precious metals are the most in demand:
- Gold – It is the oldest form of precious metallic and is sometimes called “yellow material”. Although gold is a common household name, it is a very rare element found naturally underground. Most of the world’s remaining gold reserves are found in South Africa.
- Silver – After gold, silver ranks second in precious metals. Silver is mined from the earth's natural resources. However, silver is more commonly extracted from ore than from rock formations. Because of its malleability and durability, as well resistance to tarnishing and conductivity, silver is widely used by industry and commerce. The United States produces over 98% of all global silver production.
- Platinum – The third most precious precious metal is platinum. It can be used in many industrial applications, including fuel cells, catalysts, and high-end medical devices. Platinum is also used in dentistry to make dental crowns, fillings, and bridges.
- Palladium: Palladium is the 4th most valuable precious metallic. Manufacturers are gaining more interest in palladium due to its strength & stability. It is used in electronics and aerospace technology, as well as military technology.
- Rhodium – Rhodium is fifth most valuable precious metal. Rhodium, although it is rare, is highly sought after for its use in automotive catalysts.
- Ruthenium – Ruthenium ranks sixth in the list of most valuable precious metals. While there are only limited supplies of platinum and palladium, ruthenium is plentiful. It is used to make steel and engines for aircraft, as well chemical manufacturing.
- Iridium – Iridium is the seventh most valuable precious metal. Iridium plays an important role in satellite technology. It is used to construct orbiting satellites that transmit television signals, telephone calls, and other communications.
- Osmium – Osmium, the eighth most precious precious metal, is also known as Osmium. Osmium has a high resistance to extreme temperatures, which is why it is used frequently in nuclear reactors. It is also used in cutting tools, jewelry, and medicine.
- Rhenium: Rhenium ranks as the ninth-most valuable precious metal. Rhenium is used for refining oil, gas, semiconductors, rocketry, and other purposes.
- Iodine – Iodine is the tenth-most valuable precious metal. Iodine can be used in radiography, photography, and pharmaceuticals.
By: Jamie Redman
Title: Former FTX Boss Sam Bankman-Fried to Testify on Thursday in High-Stakes Trial
Sourced From: news.bitcoin.com/former-ftx-boss-sam-bankman-fried-to-testify-on-thursday-in-high-stakes-trial/
Published Date: Wed, 25 Oct 2023 15:33:04 +0000