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Sam Bankman-Fried (32) has to spend 20 years behind bars for fraud, embezzlement and other financial crimes. The disgraced crypto king was sentenced to 240 months followed by 60 months in prison; This means a total prison sentence of 300 months. New York Judge Lewis Kaplan announced this on Thursday. The 32-year-old founder of the cryptocurrency exchange FTX was found guilty by a jury in November.
“A lot of people are really disappointed and very disappointed. I apologize,” Bankman-Fried said in her 20-minute statement before the sentence was announced. “There are things I should do and things I shouldn’t do.” He now knows that his “useful time” is probably over. “It’s been over for a while.”
The prosecutor’s office had requested that the defendant be sentenced to between 40 and 50 years in prison. His indictment repeatedly likened the FTX founder to Bernie Madoff, considered the world’s biggest investment fraudster. Bankman-Fried’s lawyers recommended a sentence of about six years in prison. Among other things, they pointed out that a large portion of investors could be compensated by having their old investments converted to cash by FTX.
Escape to the Bahamas
FTX, one of the largest trading venues for cryptocurrencies like Bitcoin, crashed spectacularly at the end of 2022. Bankman-Fried was arrested in the Bahamas a short time later and extradited to the United States.
Bankman-Fried was found guilty by a jury because under his leadership FTX client assets were secretly pumped into a hedge fund. When those deals went wrong, FTX was left with a billion-dollar hole. The chaos left behind: More than a million victims and over $10 billion in damage. (SDA/rul/mth)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
