Sam Bankman-Fried, founder of collapsed crypto exchange FTX, sentenced to 25 years in prison
Judge Lewis Kaplan sentenced Sam Bankman-Fried, founder and former CEO of the cryptocurrency exchange FTX, to 25 years in prison on charges of wire fraud, securities fraud, money laundering and other crimes in connection with the collapse of the exchange, which prosecutors have described as 'one of the largest financial frauds in American history.' The defendant has indicated that he plans to appeal.
Office of Public Affairs | Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent Schemes | United States Department of Justice
FTX is a cryptocurrency exchange founded in 2019 that was once said to
Former CEO of cryptocurrency exchange 'FTX' faces up to 115 years in prison but pleads not guilty to eight criminal charges, including money laundering - GIGAZINE
Judge Lewis Kaplan sentenced him to a total of 300 months, or 25 years, in prison, less than the maximum 115 years sought by prosecutors but more than the six and a half years his lawyers had sought. He also ordered the forfeiture of $11 billion.
In his ruling, Judge Kaplan said the defendants knew FTX was in danger and that they should not have touched customer funds, but they made mistakes anyway, and that the defendants justified their actions by weighing the risks of getting caught against getting away with it.
The court also pointed out that the defendant lacked any intention of remorse, and completely denied the defense's argument that 'there was no loss to the client.'
The defendant plans to appeal both the guilty verdict and the sentence. A spokesperson for the defendant's parents released a statement on their behalf saying, 'We are heartbroken and will continue to fight for our son.'
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