Ex-FTX Chief Sam Bankman-Fried Prepares to Plead His Case
Former FTX chief, Sam Bankman-Fried, is set to testify directly to the jury in his ongoing trial. His defense lawyer, Mark Cohen, confirmed this decision. Bankman-Fried's choice to take the witness stand comes after several witnesses have spoken against him in recent weeks.
Facing Accusations: Bankman-Fried Asserts His Innocence
Bankman-Fried has already shared his side of the story with media outlets like The New York Times and Good Morning America. Now, he is gearing up to plead his innocence to a panel of 12 jurors and six alternate jurors.
During a press statement conducted via teleconference, defense counsel Mark Cohen announced that Bankman-Fried will testify. This development has been widely reported, with Matthew Russell Lee of Inner City Press confirming that he will be streaming Bankman-Fried's testimony on the social media platform X.
Bankman-Fried has already listened to testimonies from former colleagues, including Caroline Ellison, Gary Wang, and Nishad Singh. He has also heard from 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, pleading not guilty to all charges. He faces the possibility of a sentence exceeding 100 years in prison. His testimony is scheduled for Thursday, October 26, 2023, and Cohen has indicated that it will be a comprehensive examination likely to span the entire day.
Supporters Rally Behind Bankman-Fried
Bankman-Fried won't be the only one speaking in his defense. Joseph Pimbley of PF2 Securities will also 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? Share your opinions in the comments section below.
Frequently Asked Questions
How much should precious metals make up your portfolio?
Before we can answer this question, it is important to understand what precious metals actually are. Precious Metals are elements that have a very high relative value to other commodities. This makes them highly valuable for both investment and trading. Gold is by far the most common precious metal traded today.
There are also many other precious metals such as platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is not affected by inflation or deflation.
In general, prices for precious metals tend increase with the overall marketplace. They do not always move in the same direction. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. This is because investors expect lower interest rates, making bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. Since these are scarce, they become more expensive and decrease in value.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
How does a gold IRA account work?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase physical gold bullion coins anytime. To start investing in gold, it doesn't matter if you are retired.
Owning gold as an IRA has the advantage of allowing you to keep it forever. When you die, your gold assets won't be subjected to taxes.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. 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 will first need to create an individual retirement account (IRA). Once you've completed this step, an IRA administrator will be appointed to your account. This company acts like a middleman between the IRS and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reporting.
After you have established your gold IRA you will be able purchase gold bullion coin. Minimum deposit is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
You will pay taxes when you withdraw your gold from your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
A small percentage may mean that you don't have to pay taxes. However, there are exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. You could end up with severe financial consequences.
Are You Ready to Invest in Gold?
It depends on how much you have saved and if gold was available at the time you started saving. Consider investing in both.
You can earn potential returns on your investment of gold. It is a good choice for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. This causes its value to fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage of gold is its tangible nature. Unlike stocks and bonds, gold is easier to store. It is also easily portable.
You can always access your gold as long as it is kept safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. Just like stocks, you can liquidate your position whenever 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. Don't put all your eggs on one basket.
You shouldn't buy too little at once. Start with just a few drops. You can add more as you need.
The goal is not to become rich quick. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
cftc.gov
finance.yahoo.com
irs.gov
forbes.com
How To
How to Keep Physical Gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. But, this approach comes with risks. These companies may not survive the next few years. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
An alternative option would be to buy physical gold itself. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's also easy to see how many gold you have. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. You're also less susceptible to theft than investing with stocks.
However, there can be some downsides. You won't get the bank's interest rates or investment money. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. The taxman might also ask you questions about where your gold is located.
BullionVault.com is the best website to learn about gold purchases in an IRA.
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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
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