Sam Bankman-Fried Sentenced to Over 24 Years in Jail

FTX
founder
Sam
Bankman-Fried
was

sentenced
to
twenty-four
and
one-quarter
years
on
Thursday,
ending
his
trial
for
fraud.
The
sentence
was
handed
down
by
US
Judge
Lewis
Kaplan
in
New
York
who
also
ordered
the
payment
of
$11
billion
to
be
made
up
by
Bankman-Fried
to
investors
and
lenders
he
affected.

The
court’s
ruling
happened
after
FTX
collapsed
leading
to
an
eight
billion
dollar
losses
for
individual
investors.
According
to
allegations,
Sam
Bankman-Fried,
formerly
a
billionaire,
did
not
tell
the
truth
and
showed
no
signs
of
remorse.
Although
prosecutors
sought
more
time,
the
sentence
of
24.25
years
reflects
the
gravity
of
his
offenses.

During
the
trial,
he
has
accepted
that
selfish
choices
he
made
were
responsible
for
company’s
downfall.
He
cited
bad
management
decisions
that
led
to
liquidity
crisis
as
being
behind
FTX’s
failure.
His
final
words
while
acknowledging
his
colleagues
indicated
how
their
negative
actions
resulted
in
chaos
too.

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

Court’s
Suggestions
and
Future
Life
of
Bankman-Fried

Judge
Kaplan
has
suggested
that
Bankman-Fried
serve
his
time
in
a
medium
or
low-security
prison
near
the
California
Bay
Area,
noting
his
lack
of
social
skills
and
previous
wealthy
status
could
make
him
a
target
in
prison.

That
judgment
puts
a
lid
on
the
saga
that
shook
up
cryptocurrencies
where
Sam
Bankman-Fried
was
found
guilty
over
multiple
counts
which
include
wire
fraud
and
conspiracy
to
commit
securities
and
commodities
frauds.
This
case
has
highlighted
issues
about
lack
of
adequate
control
within
cryptocurrency
sector
thereby
serves
as
a
warning
bell
for
otherwise
executives.