DOJ's Decision to Not Pursue Second Trial
On December 29, 2023, after 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) made a significant announcement regarding the trial against Sam Bankman-Fried, the former CEO of FTX. The DOJ conveyed its decision to not move forward with a subsequent trial against Bankman-Fried, bringing an unexpected turn of events to the ongoing legal proceedings.
Prosecutors Opt Out of Second Trial
According to various reports on Friday evening, prosecutors have chosen not to pursue a second trial against Sam Bankman-Fried, commonly known as SBF. The update was disclosed by Matthew Russell Lee of the Inner City Press, who shared a snapshot of the DOJ's letter and distributed it on his Patreon.
Implications and Reactions
The decision to drop the second trial has raised questions and sparked reactions from different individuals. Matthew Russell Lee pointed out the absence of evidence and cross-examination regarding the campaign finance and China bribe counts in a tweet. He also mentioned that officials in the Bahamas, whose request led to the charges being dropped, had access to SBF's and FTX customers' money.
Following the announcement, a user known as 'amuse' expressed shock over the fact that Bankman-Fried won't be prosecuted for illegal campaign contributions to Democrats. Another individual raised concerns about who ultimately benefited from the financial transactions, given the dropping of the campaign finance and China bribe counts.
DOJ's Explanation and Rationale
In the letter sent to Judge Lewis Kaplan, the U.S. government clarified its decision to not proceed with a second trial. The DOJ highlighted that much of the evidence that would be presented in a second trial had already been offered in the first trial. Therefore, the court can consider this evidence during Bankman-Fried's sentencing, scheduled for March 2024. The DOJ cited the practical reality and the strong public interest in a prompt resolution of the matter as the reasons behind its decision.
SBF's Potential Sentencing
Despite the dropping of the second trial, Sam Bankman-Fried still faces the possibility of a lengthy incarceration period. He has been found guilty on multiple counts of fraud and money laundering. If the judge imposes the harshest sentences consecutively, Bankman-Fried could potentially receive a sentence of up to 110 years. The court has set March 28, 2024, as the date for his sentencing.
Your Thoughts
What are your thoughts on the DOJ's decision to drop the second trial against Sam Bankman-Fried? Share your opinions and perspectives on this subject in the comments section below.
Frequently Asked Questions
How does a gold IRA work?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase gold bullion coins in physical form at any moment. You don't have a retirement date to invest in gold.
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Your gold is passed to your heirs without capital gains tax. You don't need to include your gold in your final estate report, as it isn't part of the estate.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you have done this, an IRA custodian will be assigned to you. This company acts like a middleman between the IRS and you.
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Taxes will apply to gold that you take out of an IRA. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
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How much is gold taxed under a Roth IRA
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
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These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you up to April 1st. And in New York, you have until age 70 1/2 . To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
Should You Buy or Sell Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
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How is gold taxed within an IRA?
The tax on the sale of gold is based on its fair market value when sold. Gold is not subject to tax when it's purchased. It is not income. If you decide to sell it later, there will be a taxable gain if its price rises.
You can use gold as collateral to secure loans. Lenders look for the highest return when you borrow against assets. In the case of gold, this usually means selling it. It's not guaranteed that the lender will do it. They might just hold onto it. They might decide that they want to resell it. The bottom line is that you could lose potential profit in any case.
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What is a Precious Metal IRA and How Can You Benefit From It?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are sometimes called “bullion.” Bullion is the physical metal.
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With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. You'll get dividends each year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. You pay only a small percentage of your gains tax. Plus, you can access your funds whenever you like.
Statistics
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- 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)
External Links
investopedia.com
irs.gov
bbb.org
cftc.gov
How To
Tips for Investing Gold
Investing in Gold is one of the most popular investment strategies worldwide. This is because there are many benefits if you choose to invest in gold. There are several ways to invest in gold. Some people choose to purchase gold coins physically, while some prefer to invest with gold ETFs.
Before you purchase any type or gold, here are some things to think about.
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- Remember that gold prices are subject to change regularly. It is important to stay up-to-date with the latest trends.
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By: Jamie Redman
Title: DOJ Drops Second Trial Against FTX's Bankman-Fried
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
Did you miss our previous article…
https://altcoinirareview.com/2023-in-review-the-years-most-impactful-crypto-news-stories-and-economic-trends/
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