FTX’s Sam Bankman-Fried Awaits Sentencing – UPDATE 25 Years
Posted on 03/28/2024
UPDATE: Sam Bankman-Fried has been sentenced to 25 years by Judge Lewis Kaplan in federal prison for defrauding customers and investors in crypto exchange FTX. He is ordered to forfeit more than US$ 11.2 billion. Judge Kaplan applied a 240-month sentence and a 60-month sentence to be served consecutively. In comparison, on June 29, 2009, Bernie Madoff was sentenced to 150 years in prison, the maximum sentence allowed.
Sam Bankman-Fried (SBF) is a Founder of FTX, a cryptocurrency exchange that is defunct. Prosecutors are angling for 40-50 years for SBF. Judge Lewis Kaplan in Manhattan federal court said he increased the sentencing guidelines because SBF perjured himself, to a maximum of 110 years in prison.
SBFG addressed the court directly.
“A lot of people feel really let down, and they were very let down, and I am sorry about that.” he said. “I am sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have.”
SBF said, “It’s been excruciating to watch.” He added, “Customers don’t deserve any of that pain.”
SBF said: “My useful life is probably over. It’s been over for a while now.”
Assistant United States District Attorney Nicolas Roos countered that FTX was “created with criminality that was pervasive throughout.”
“Sam Bankman-Fried stole over $8 billion in customer money, and I emphasize stole because it was not a liquidity crisis, or an active mismanagement, or poor oversight from the top,” Roos said. “It was not a bloodless financial loss on paper.”
Judge Kaplan agreed with prosecutors’ claim that SBF “wanted to be a hugely, hugely politically influential person in this country,” and that that moved his financial crimes.