2024-03-28 14:00:06
Sam Bankman-Fried received a 25-year prison sentence for fraud connected to his crypto company FTX.
Bankman-Fried faced accusations of stealing billions from customers and defrauding investors and lenders to Alameda Research, his crypto investment firm.
A jury found Bankman-Fried guilty on all seven charges:
Count one: Wire fraud on customers of FTX
Count two: Conspiracy to commit wire fraud on customers of FTX
Count three: Wire fraud on Alameda Research lenders
Count four: Conspiracy to commit wire fraud on lenders to Alameda Research
Count five: Conspiracy to commit securities fraud on investors in FTX
Count six: Conspiracy to commit commodities fraud on customers of FTX
Count seven: Conspiracy to commit money laundering
Prosecutors wanted a 40 to 50-year sentence for him.
U.S. District Judge Lewis Kaplan also handed Bankman-Fried over “$11 billion in financial penalties.”
Kaplan observed, “There is a risk that this man will be in a position to do something very bad in the future.”
Kaplan added that “it’s not a trivial risk at all.”
Bankman-Fried told the court he felt sorry “about what happened at every stage.” He acknowledged he “failed” everyone in his life.
But Bankman-Fried never admitted to any crime. His lack of remorse affected the judge and the prosecutor’s decision to impose the sentence.
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