Sam Bankman-Fried Sentenced to 25 Years for FTX Crypto Fraud

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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Sam Bankman-Fried Sentenced to 25 Years for FTX Crypto Fraud

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