Sam Bankman-Fried's Decision to Testify
Former FTX chief Sam Bankman-Fried, popularly known as SBF, is set to testify in his ongoing trial. This decision was confirmed by his defense lawyer, Mark Cohen. 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
Having already shared his side of the story with major news outlets such as The New York Times and Good Morning America, Sam Bankman-Fried is now preparing to plead his innocence directly to a panel of 12 jurors and six alternate jurors.
In a press statement conducted via teleconference, defense counsel Mark Cohen announced that SBF will testify. This development has been widely reported, with Matthew Russell Lee of Inner City Press confirming that he will broadcast a live stream of Bankman-Fried's testimony on the social media platform X.
SBF Faces Testimony from Former Colleagues
Sam Bankman-Fried has already listened to testimonies from past 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 and has pleaded not guilty to all charges. However, he faces the possibility of a sentence of over 100 years in prison. Bankman-Fried's comprehensive examination on the witness stand is scheduled for Thursday, October 26, 2023, and is expected to take the entire day.
Support from Joseph Pimbley
In addition to Sam Bankman-Fried's testimony, Joseph Pimbley of PF2 Securities will also testify on his behalf. This demonstrates the strategic moves made by both the U.S. government and Bankman-Fried's defense team as they prepare for the trial's outcome.
What are your thoughts on SBF testifying at his trial this week? Share your opinions in the comments section below.
Frequently Asked Questions
Is it possible to take physical ownership of gold from my IRA
Many people wonder if they are allowed to possess physical gold within an IRA account. This is a fair question because there isn't any legal way to do it.
However, if you examine the law carefully, you will see that there are no restrictions on gold ownership in an IRA.
Problem is, most people don’t realize how much they can save by putting gold in an IRA and not keeping it in their home.
It is easy to toss gold coins, but it's not easy to place them in an IRA. If you decide not to keep your golden in your home, you'll need to pay twice tax. The IRS will collect once and the state where your residence is located will collect the other.
It is possible to lose your gold and pay twice as much tax. Why would you want to keep your gold in your house?
You may argue that it is necessary to have the assurance that your gold safe in your home. It is important to store your gold somewhere safer in order to prevent theft.
If you're planning on visiting frequently, it is best to keep your gold safe at home. Theft can easily take your gold when you're not home.
You can store your gold in an insurance vault. Then, your gold will be protected from fire, flood, earthquake, and robbery.
A vault can also be beneficial because you don't need to pay property tax. Instead, income tax will be charged on any gains made from the sale of your precious metal.
If you'd rather avoid paying taxes on your gold, you may want to consider putting it in an IRA. You won't be subject to income tax if you earn interest from your gold with an IRA.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
And since IRAs are federally regulated, you won't have any trouble getting your gold transferred to another bank if you move.
Bottom line: An IRA can allow you to own gold. Fear of losing it is the only thing that will hold you back.
What Should Your IRA Include in Precious Metals?
Investing in precious metals such as gold and silver is the best way to protect yourself from inflation. This is not only an investment for retirement, but it can also help you prepare for any economic downturn.
Although gold and silver prices have risen significantly in the past few years they are still considered safe investments. They don't fluctuate quite as much like stocks. There is always demand for these materials.
Prices for silver and gold are predictable and usually stable. They tend to increase when the economy is growing and decrease during recessions. This makes them great money-savers and long-term investments.
Your total portfolio should be 10 percent in precious metals. You can increase this percentage if you want further diversification.
Can I store my gold IRA at home?
An online brokerage account can be a great way to save your money. You can access all of the same investment options that you would have if you worked with a traditional broker but don't need to be licensed or qualified. You don't have to pay any fees for investing.
In addition, many online brokers offer free tools to help you manage your portfolio. You can even download charts to view the performance of your investments.
Statistics
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Silver must be 99.9% pure • (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
External Links
en.wikipedia.org
regalassets.com
kitco.com
investopedia.com
How To
Things to Remember About the 2022 Best Precious Metals Ira
Precious Metals Ira has become a popular choice for investors. This article will show you how to invest in precious metals and what makes it so appealing.
These assets' main appeal is their potential for long-term, sustainable growth. The historical data shows incredible returns for gold prices. Over the past 200 years, gold has increased from $20 per ounce to almost $1900 per ounce. The S&P 500 Index was only up by 50%.
In times of economic uncertainty, gold is often considered a safe haven. Stock market downturns cause people to sell their stocks and seek safety in gold. The safety of gold is also considered an insurance against inflation. Many economists believe that there will always exist some level of inflation. As such, physical gold is an excellent way to protect your savings and prevent future price increases.
There are a few things you need to remember before purchasing precious metals like silver, gold or platinum. First, decide whether bullion bars are better than coins. Bullion bars usually come in large amounts (e.g 100 ounces), and are stored away until needed. Coins are smaller versions of bullion bars, which can then be used to buy small amounts of bullion.
The second thing you need to consider is where you will store your precious metals. Some countries are safer then others. If you are in the US, it might be a good idea to store your precious metals abroad. If you are thinking of storing your precious metals in Switzerland, however, you might be wondering why.
The final decision is whether you want to either invest directly in precious or through “precious metallics exchange-traded fund” (ETFs). ETFs track the performance of various commodities such as gold and are financial instruments. These can be used to gain exposure to precious metals, without the need to own them.
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