Why didn't SBF plead guilty? What are the possibilities for reversal?

This article comes fromcoindesk, Original Author: David Z. Morris

Odaily Translator |

Odaily Translator |

On Tuesday (January 4), FTX founder SBF pleaded not guilty to eight criminal charges related to FTX's bankruptcy in New York federal court, and was subsequently released on bail for 10 months. Some conspiracy theorists believe that SBF may have conspired with some friends in high positions in the US government to cheat the acquittal.

However, can the reality really be as SBF wishes?

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In fact, it is almost impossible for the SBF to reverse the caseSBF will almost certainly be found guilty, for one reason that will "put him to death":FTX and Alameda Executives Caroline Ellison and Gary Wang Plead Guilty and Cooperate with Prosecutors

, in which Caroline Ellison admitted to carrying out a number of crimes at the direction of SBF, one of which was the disappearance of FTX customers' money - the money must have gone somewhere, and the person who knew this place may be SBF.

Quite frankly, there is little chance of a not guilty verdict for SBF going to trial in October, and even a longer sentence than what was enshrined in the plea agreement. What's more, going to trial means everything that SBF, and others at FTX and Alameda Research did, will be detailed in the public record. Attorney Ira Lee Sorkin, who had previously handled the Madoff case, explained: "One of the important factors in sentencing in the United States is to assess the criminal's responsibility. If you plead guilty at the beginning, you can obtain a certain degree of reduced sentence according to the rules, but the behavior of SBF It's outrageous (or 115 years in prison), and law enforcement agencies have access to all SBF transaction records, forged documents, there is too much evidence against it, especially Caroline Ellison of Alameda and Gary Wang of FTX CTO have pleaded guilty, so as to mitigate The sentencing is negligible."

Not only that, Daniel Friedberg, the former chief lawyer of FTX, has also reached a cooperation with the U.S. Attorney, and will jointly handle the SBF case. Daniel Friedberg met with two investigators as early as November 22 last year and provided some details related to FTX, as well as details of how the hedge fund Alameda Research operates. Daniel Friedberg has not been charged, has not been told he is under criminal investigation, and has voluntarily sent a letter to the FBI to express his willingness to cooperate and to be subpoenaed as a U.S. government witness, people familiar with the matter said.On the other hand, some people pointed out that SBF still dared to "plead not guilty" despite the existence of a large amount of evidence, because SBF had made a lot of political donations in the United States before, and now his friends in high positions may be able to help. However, people who think this way may not know much about the American judicial system, because

You know, previous Enron CEO Kenneth Lay was also close to former US President George W. Bush and other politicians, but it still couldn't protect him from eventual conviction. So, SBF's seemingly close relationship with SEC Chairman Gary Gensler does him little favors.

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"Elite Illusion"

According to the above analysis, if the SBF cannot get the help of the American political circle and its friends, why should it be desperate in such an important trial? The answer may come from his parents' "elite delusion" education over the years.

This problem can actually be seen after the collapse of FTX and before SBF was arrested. During that time, he had several "speaking tours" against the advice of his lawyers, and talked about his behavior and mentality before and during the bankruptcy of FTX, and even repeatedly Declare that he does not believe at all that he was involved in fraud. However, anyone who knows a little bit about the details of the FTX case knows that SBF's remarks are ridiculous, and if he is not pretending, he is likely to be mired in fantasy, denial and double consciousness.It is often said that no one thinks he is born a villain,Maybe deep down in SBF's mind, it's embezzling clients' funds out of good intentions

. The reason why SBF has such a state is largely due to his parents’ education. As elites (both are American university teachers), they did not instill too much moral philosophy in SBF, but they continued to praise and affirm his talent . In other words, SBF's education from childhood made him think that he is a talented and kind person, especially the "effective altruism spirit" that he talked about all day long further strengthened the "illusion of elites", but the real He's a different guy: conniving, stim-addicted, screwing up FTX.