DOJ Drops Second Trial against Sam Bankman-Fried
On December 29, 2023, after 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) made the decision to not proceed with a subsequent trial against Sam Bankman-Fried, the former CEO of FTX. This update was disclosed by Matthew Russell Lee of the Inner City Press, who shared a snapshot of the DOJ's letter on X and also distributed it on his Patreon.
Evidence and Cross-Examination Omitted
According to reports on Friday evening, prosecutors have chosen not to pursue a second trial against Sam Bankman-Fried (SBF). In his post, Russell Lee highlighted the absence of evidence and cross-examination relating to the campaign finance and China bribe counts. He also mentioned that officials in the Bahamas, whose request to drop the charges was cited by the DOJ, were involved in taking money from SBF and FTX customers.
Reactions to the Decision
Following the announcement, X user 'amuse' expressed their shock at SBF not facing prosecution for illegal campaign contributions to Democrats. Another individual raised concerns about who ultimately benefited from the financial transactions, given that the campaign finance and China bribe counts were dropped.
Reasoning behind the Decision
The letter from the U.S. government clarifies that much of the evidence that would have been presented in a second trial was already offered in the first trial and can be considered by the court during SBF's sentencing in March 2024. The DOJ cited the "practical reality" and the "strong public interest in a prompt resolution" as the reasons behind its decision.
Potential Sentencing for SBF
SBF now faces the possibility of a lengthy incarceration period, as he has been found guilty on multiple counts of fraud and money laundering. If the judge imposes the harshest sentences consecutively, he could receive a maximum sentence of 110 years. SBF's sentencing is scheduled for March 28, 2024.
What are your thoughts on the DOJ's decision to drop the second trial against SBF? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
What precious metals could you invest in to retire?
It is gold and silver that are the best precious metal investment. They are both easy to trade and have been around for years. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: This is the oldest form of currency that man has ever known. It’s stable and safe. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Investors have always loved silver. It’s a good choice for those who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinum: A new form of precious metal, platinum is growing in popularity. It’s resistant to corrosion and durable, similar to gold and silver. It is, however, more expensive than its competitors.
Rhodium – Rhodium is used to make catalytic conversions. It’s also used in jewelry making. And, it’s relatively cheap compared to other types of precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It’s also more accessible. It’s a popular choice for investors who want to add precious metals into their portfolios.
Are You Ready to Invest in Gold?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. If you’re unsure about which option to choose then consider investing in both.
You can earn potential returns on your investment of gold. Retirees will find it an attractive investment.
While many investments promise fixed returns, gold is subject to fluctuations. Because of this, gold’s value can fluctuate over time.
However, it doesn’t necessarily mean that you shouldn’t invest your money in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit of gold is that it’s a tangible asset. Unlike stocks and bonds, gold is easier to store. It can be easily transported.
You can always access your gold if it is stored in a secure place. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. It’s a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
A portion of your savings can be invested in something that doesn’t go down in value. Gold usually rises when stocks fall.
Gold investment has another advantage: You can sell it anytime. Like stocks, you can sell your position anytime you need cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
You shouldn’t buy too little at once. Start with just a few drops. Add more as you’re able.
The goal is not to become rich quick. It is to create enough wealth that you no longer have to depend on Social Security.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
How does gold perform as an investment?
The supply and demand for gold affect the price of gold. Interest rates also have an impact on the price of gold.
Because of their limited supply, gold prices can fluctuate. Physical gold is not always in stock.
Do you need to open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren’t covered by insurance. It is impossible to get back money if you lose your investment. This includes any loss of investments from theft, fire, flood or other circumstances.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items can be lost because they have real value and have been around for thousands years. You would probably get more if you sold them today than you paid when they were first created.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. You should also consider using a third party custodian to protect your assets and give you access at any time.
Remember that you will not see any returns unless you are retired if you open an Account. Don’t forget the future!
What are the pros and disadvantages of a gold IRA
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don’t have to pay taxes on any interest earned. This makes an IRA great for people who want to save money but don’t want to pay tax on the interest they earn. This type of investment has its downsides.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management fees ranging from $10 to $50.
You can purchase insurance if you want to keep your money out of a bank. Most insurers require you to own a minimum amount of gold before making a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers restrict the amount you can own in gold. Others allow you to pick your weight.
You will also have to decide whether to purchase futures or physical gold. Physical gold is more expensive than gold futures contracts. Futures contracts, however, allow for greater flexibility in buying gold. Futures contracts allow you to create a contract with a specified expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. The policy does not cover natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs are not covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians aren’t allowed to sell your assets. They must instead keep them for as long as you ask.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. It is also important to specify how much money you will 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. After reviewing your application, the company will send you a confirmation mail.
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. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Is it possible to hold a gold ETF within a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows for contributions from both employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
Also available is an Individual Retirement Annuity. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs can be made without tax.
How is gold taxed by Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
But if you put the money into a traditional IRA or 401(k), there’s no tax when you withdraw the money. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
These rules vary from one state to another. For example, in Maryland, you must take withdrawals within 60 days after reaching age 59 1/2 . Massachusetts allows you up to April 1st. New York has a maximum age limit of 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement funds
irs.gov
cftc.gov
wsj.com
- Saddam Hussein’s Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It’s not legal – WSJ
How To
The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. In addition, because of its value, it was traded internationally. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. For example, one pound sterling in England equals 24 carats; one livre tournois equals 25 carats; one mark equals 28 carats; and so on.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. This led to a decrease of demand for foreign currencies which in turn caused their prices to rise. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. The U.S. government was unable to pay its debts due to too much money being in circulation. They decided to sell some excess gold to Europe in order to do this.
Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. Many European countries started to accept paper money as a substitute for gold after World War I. The price of gold rose significantly over the years. Even though gold’s price fluctuates, it is still one of the most secure investments you could make.
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By: Jamie Redman
Title: FTX’s Bankman Fried Avoids Second Trial
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
