• GRIT
  • Posts
  • SBF Sentenced For Fraud

SBF Sentenced For Fraud

FTX, Gold, China

Grit Logo

Good Morning!

Happy Monday! Here’s what’s moving the markets today:

👉 SBF’s prison sentence revealed

👉 Gold hits record high 

👉 Good data out of China

STOCK MARKET MADNESS IS ON 📈 
Click HERE to view our bracket! 🏀 Let’s recap ROUND TWO! 🥊 

We are moving into the Elite 8 with the Stock Madness challenge. The story to watch is currently Hertz and AMC as they are the two cinderalas currently.

SBF: 25 Years In Prison

Sam Bankman-Fried, the founder of FTX, was sentenced to 25 years in prison for fraud and conspiracy related to his cryptocurrency exchange and Alameda Research. The sentence was less than the 40 to 50 years prosecutors wanted but more than the 5 to 6.5 years his lawyers suggested. The judge criticized Bankman-Fried's trial testimony, suggesting he was lying or evasive. He was convicted of seven charges for losing $10 billion of customer money.

Source: Fox

Bankman-Fried argued the losses were due to mismanagement, not fraud, and claimed customers could still get their money back. However, prosecutors said he stole billions for personal use, political donations, and to cover loans. Before sentencing, Bankman-Fried's lawyer mentioned his psychological struggles, including a lifelong sadness and inability to feel happiness or pleasure.

🎯 GRIT TAKE: As you probably remember  upgrade to VIP now to read the full GRIT Take!

GOLD: Record High

Gold hit a record high, driven by the chances of a Federal Reserve interest rate cut, geopolitical tensions, and strong demand in China, peaking at $2,265.73 per ounce. Recent data hints at lower inflation has fueled these expectations despite the Fed's caution. The price of gold has risen about 14% since mid-February.

Source: CNBC

However, Fed Chair Jerome Powell has recently indicated there is no rush to cut rates despite these trends. With job growth data ahead, markets now see a 61% chance of a rate cut by June, which could further boost gold prices.

CHINA: Good News

China's factory activity surpassed expectations in March, fostering optimism for hitting its 5% growth target. Key indexes like the Caixin manufacturing index indicated sustained industrial expansion, contributing to a brighter economic outlook.

Source: NDTV

This positive momentum suggests a strengthening recovery, buoyed by a boost in exports and government initiatives to stimulate domestic consumption. However, concerns remain about the sustainability of this recovery amid challenges such as profit pressures and a struggling job market.

Headlines You Need To Know: 🎙

Chart of the Day

📊 DOJ vs. Apple

Source: Statista

GRIT Meme of the Day 😂

Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇

Source: @wallstbets

Don’t follow us on social yet? Follow us on Instagram, TikTok, and Twitter.

Do you have feedback to share? Click HERE.

Interested in being featured in our GRIT Newsletters? Click below!

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

Grit does not accept any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

If you have any questions please contact us at help@gritcap.io

Reply

or to participate.