Sam Bankman-Fried Prepares to Plead His Case Directly to Jury
Former FTX chief, Sam Bankman-Fried, is set to testify in his ongoing trial, according to his defense lawyer, Mark Cohen. Following testimonies from several witnesses who have spoken against him in recent weeks, Bankman-Fried has decided to make his case directly to the jury.
Defense Counsel Announces Bankman-Fried's Decision
In a press statement conducted via teleconference on Wednesday, defense counsel Mark Cohen announced that Sam Bankman-Fried will take the witness stand. This decision has been widely reported, with Matthew Russell Lee of Inner City Press confirming that he will be broadcasting a live stream of Bankman-Fried's testimony through the social media platform X.
Challenges and Maintaining Innocence
Bankman-Fried has already heard testimonies from past colleagues, including Caroline Ellison, Gary Wang, and Nishad Singh, as well as FTX's former general counsel and the CEO of Blockfi, all of whom testified against him. Despite these challenges, the ex-FTX CEO maintains his innocence and has pleaded not guilty to all charges. He faces a potential sentence of over 100 years in prison.
Comprehensive Examination Scheduled
Bankman-Fried's testimony is scheduled for Thursday, October 26, 2023, and Cohen has hinted that it will be a comprehensive examination likely to take the entire day. Alongside Bankman-Fried, Joseph Pimbley of PF2 Securities is also set to testify on his behalf.
As the trial progresses, both the U.S. government and Bankman-Fried's defense team have been making strategic moves by submitting their juror preferences and requests in anticipation of the trial's outcome.
What are your thoughts on Sam Bankman-Fried testifying at his trial this week? Share your opinions in the comments section below.
Frequently Asked Questions
What precious metals could you invest in to retire?
Gold and silver are the best precious metal investments. They are both easy to trade and have been around for years. They are a great way to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It's stable and safe. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It is an excellent choice for investors who wish to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinum: This precious metal is also becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. It's also more expensive than the other two.
Rhodium: Rhodium can be used in catalytic convertors. It is also used to make jewelry. It is also quite affordable compared with other types of precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also more accessible. This is why it has become a favourite among investors looking for precious metals.
How Much of Your IRA Should Be Made Up Of Precious Metals
It's important to understand that precious metals aren't only for wealthy people. You don’t need to have a lot of money to invest. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might think about buying physical coins such a bullion bar or round. Also, you could buy shares in companies producing precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You'll still get the benefit of precious metals no matter which country you live in. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
Their prices rise with time, which is a different to traditional investments. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
Is buying gold a good option for retirement planning?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion bar is the best way to invest in precious metals. You can also invest in gold in other ways. You should research all options thoroughly before making a decision on which option you prefer.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you are looking for cash flow from your investment, buying gold stocks will work well.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
How much do gold IRA fees cost?
A monthly fee of $6 for an Individual Retirement Account is charged. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees vary depending on what type of IRA you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Most providers also charge an annual management fee. These fees can range from 0% up to 1%. The average rate is.25% per year. These rates are usually waived if you use a broker such as TD Ameritrade.
Should You Purchase Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Experts think this could change quickly. They believe gold prices could increase dramatically if there is another global financial crises.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
These are some things you should consider when considering gold investing.
- Consider first whether you will need the money to save for retirement. You can save for retirement and not invest your savings in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, ensure you fully understand the risks involved in buying gold. Each account offers different levels of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. You may lose your gold coins and never be able to recover them.
So, if you're thinking about buying gold, make sure you do your research first. Make sure to protect any gold you already own.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts where you deposit your own money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, your principal (the deposit amount originally made) is not transferable. This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule is that your earnings cannot be withheld without income tax. You will pay income taxes when you withdraw your earnings. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's say you earn $10,000 each year after contributing. This would mean that you would have to pay $3,500 in federal income tax. You would have $6,500 less. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. There is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. There is no minimum withdrawal required, unlike a traditional IRA. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
Can the government take your gold
The government cannot take your gold because you own it. You have earned it by working hard for it. It belongs to you. However, there may be some exceptions to this rule. Your gold could be taken away if your crime was fraud against federal government. If you owe taxes, your precious metals could be taken away. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. It's vital to contribute enough money each year to ensure adequate growth on an ongoing basis.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. This makes them great options for people who don't have access to employer matching funds.
Savings should be done consistently and regularly over time. If you don't contribute the maximum amount, you will miss any tax benefits.
By: Jamie Redman
Title: Former FTX Boss Sam Bankman-Fried to Testify 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