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Reading: Sam Bankman Fried Sentenced to 25 Years for FTX Fraud
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Sam Bankman-Fried Guilty
PhotoNews Pakistan > Top News > Sam Bankman Fried Sentenced to 25 Years for FTX Fraud
Top NewsWorld

Sam Bankman Fried Sentenced to 25 Years for FTX Fraud

Web Desk
By Web Desk Published March 29, 2024 2 Min Read
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Sam Bankman-Fried. Photo: @nicksortor (X)
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Sam Bankman Fried sentenced to 25 years in prison for defrauding FTX cryptocurrency exchange customers of $8 billion, marking the end of the ex-billionaire’s dramatic fall.

Judge Lewis Kaplan of Manhattan court rejected Bankman-Fried’s defence that FTX customers hadn’t lost money and found him guilty of lying during his trial. Convicted on seven counts of fraud and conspiracy from FTX’s 2022 collapse, Kaplan emphasized Bankman-Fried’s lack of remorse.

Dressed in a beige jail T-shirt, Bankman-Fried apologized to his FTX colleagues but didn’t confess to criminal acts. He plans to appeal both his conviction and sentence.

Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, was sentenced to 25 years in prison on Thursday following his fraud conviction last fall. https://t.co/K7rbDNQ0VF pic.twitter.com/RpuBNR69Wj

— Forbes (@Forbes) March 29, 2024

The sentencing reflects Bankman-Fried’s shift from a wealthy entrepreneur to a key figure in the U.S. crackdown on cryptocurrency fraud. U.S. Attorney General Merrick Garland highlighted the case as a warning against financial crimes.

Kaplan detailed losses FTX customers, equity investors, and Alameda Research lenders suffered and ordered an $11 billion forfeiture. Although prosecutors sought a longer sentence, Bankman-Fried received 25 years.

BREAKING: Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors.

Bankman-Fried stole $8 billion from customers of his FTX cryptocurrency exchange.

“He knew it was wrong. He knew it was criminal. He regrets that he made a very… pic.twitter.com/NatRGb4MLr

— Collin Rugg (@CollinRugg) March 28, 2024

Bankman-Fried regretted the impact on customers and colleagues and acknowledged his role in their suffering. Testimonies from three former associates implicated him in misusing customer funds.

Judge Kaplan criticized Bankman-Fried for attempting to present himself as altruistic for power and influence, recommending imprisonment near San Francisco. Bankman-Fried remains detained in Brooklyn, pending appeal.

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