Entrepreneur Sam Bankman-Fried, formerly celebrated for his role in founding the cryptocurrency trading platform FTX, has been convicted and sentenced to 25 years in prison. Prosecutors labeled his actions as one of the most severe financial frauds in U.S. history.
Judge Lewis Kaplan announced the verdict, also ordering Bankman-Fried to forfeit an astounding $11 billion to compensate his victims.
“This was a very serious crime,” Judge Kaplan emphasized as he announced the sentence.
Verdict: 25 years jail time
At 32 years old, Bankman-Fried, stoic and solemn, stood before the judge as the gravity of the sentence was imposed upon him. Convicted on multiple counts including wire fraud conspiracy, money laundering, and securities fraud, Bankman-Fried’s actions allegedly siphoned billions from unsuspecting FTX customers to fuel his lavish lifestyle and cover losses at his hedge fund.
Prosecutors had sought a lengthier sentence, citing the vast scale of the fraud, but Judge Kaplan opted for a 25-year term, aiming to prevent Bankman-Fried from perpetrating similar schemes in the future.
“He knew that FTX customer funds were not to be used for those purposes. They were not his to use,” Judge Kaplan remarked, underscoring the deliberate nature of Bankman-Fried’s actions.
A remorseful Sam Bankman-Fried
Bankman-Fried, in a brief address to the court before sentencing, acknowledged his mismanagement and the devastation wrought upon his victims. However, the judge remained unconvinced of his remorse, dismissing his expressions as falling short.
The sentencing also drew statements from top officials, including Attorney General Merrick Garland, who emphasized the severe consequences awaiting those who engage in financial crimes.
Bankman-Fried’s defense argued for a more lenient sentence, highlighting his positive attributes and portraying him as a compassionate individual. However, prosecutors painted a starkly different picture, labeling him as driven by “unmatched greed and hubris.”
Cover Photo: Depositphotos
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