Crime and Fraud
Sam Bankman-Fried Sentenced To 25 Years For FTX Fraud
The founder of the defunct FTX cryptocurrency exchange, Sam Bankman-Fried, has been sentenced to 25 years behind bars for committing an $8 billion fraud.
US District Judge Lewis Kaplan delivered the sentence at a Manhattan courtroom.
He dismissed Bankman-Fried’s claims that his customers had not suffered financial losses, chastising him for providing false testimony during his trial.
Bankman was convicted on November 2 for seven counts of fraud and conspiracy related to FTX’s 2022 downfall.
This 32-year-old former billionaire was implicated in one of the most significant financial deceits in American history.
Judge Kaplan said: "He knew it was wrong. He knew it was criminal.
"He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right."
Dressed in a jail-issued beige T-shirt, Bankman-Fried addressed the judge: "Customers have been suffering ... I didn't at all mean to minimize that.
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