Sam Bankman-Fried Sentenced to 25 years in jail for crypto fraud

Following a extremely anticipated sentencing listening to, Sam Bankman-Fried, the previous CEO of FTX, has been handed down a major sentence for stealing billions of {dollars} from clients. 

The sentencing, introduced by Choose Lewis Kaplan in a Manhattan Federal courtroom, marks a major chapter within the saga surrounding the downfall of the once-prominent cryptocurrency determine. 

Bankman-Fried’s sentencing follows a monthlong trial in November, throughout which he was discovered responsible of seven prices tied to the collapse of FTX and the disappearance of roughly $10 billion in buyer deposits. 

Sam Bankman-Fried Sentenced

Whereas prosecutors had requested that SBF spend 40 to 50 years in jail, stories said the protection workforce had argued for 5 to 6 years in jail primarily based on the hope that FTX clients would be capable of recoup most, if not all, of the cash they misplaced when the trade spiraled into chapter 11 in 2022.

Final month, attorneys representing FTX’s chapter property informed a Delaware choose that they count on to completely repay clients and collectors with legit claims, though there’s nonetheless a large amount of labor and danger forward in getting all the cash again to shoppers. 

Ultimately, Bankman-Fried was sentenced to 25 years in jail for the fraud and conspiracy scheme that resulted within the chapter of his as soon as outstanding crypto trade. SBF was additionally fined $11 billion.

Choose Kaplan said that Bankman-Fried by no means introduced “a phrase of regret for [the] fee of horrible crimes.”

The choice was made by the choose after a two-hour listening to in a Manhattan courtroom the place prosecutors, Bankman-Fried himself, Bankman-Fried’s lawyer, a sufferer, and a lawyer who spoke on behalf of different FTX victims made feedback.

In an announcement, Damian Williams, U.S. Legal professional for the Southern District of New York, stated: “Samuel Bankman-Fried orchestrated one of many largest monetary frauds in historical past, stealing over $8 billion of his clients’ cash.”

“At the moment’s sentence will forestall the defendant from ever once more committing fraud and is a crucial message to others who is perhaps tempted to interact in monetary crimes that justice will likely be swift, and the implications will likely be extreme.” 

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