The New York court has sentenced Sam Bankman-Fried, the founder and former CEO of the now collapsed cryptocurrency exchange FTX, to 25 years in prison.
This verdict comes after he was found guilty of charges of fraud, conspiracy and money laundering. A jury already found in November that Bankman-Fried was responsible for these crimes.
Although prosecutors initially sought a sentence of between 40 and 50 years in prison, they insist that this case ranks as one of the largest financial frauds in United States history.
Bankman-Fried’s appearance in court
Reporter Matthew Lee of Inner City Press reported that the New York courtroom was packed with spectators and officials, awaiting Bankman-Fried’s entry, escorted by the US Marshals. The ex-CEO of FTX was reportedly dressed in tan attire – the standard uniform of the Metropolitan Detention Center in Brooklyn. This has been his residence since the judge decided to revoke his bail.
Creditors may be able to recover a significant portion of their losses as the value of cryptocurrency assets held by bankrupt FTX has risen significantly. However, the judge emphasized that this positive development will not affect the verdict against Sam Bankman-Fried.
“The fact that some cryptocurrencies happen to increase in value has no relation whatsoever to the severity of the crimes committed. A thief who takes his stolen property to Las Vegas and gambles successfully there does not deserve a reduction in his sentence.”
Sam Bankman-Fried has regrets
Before the judge handed down the sentence, Bankman-Fried said he “regretted every moment what happened” and claimed that “FTX would have survived” if it had not closed down. In a final statement, his lawyers appeared to portray the former FTX CEO as a misunderstood genius:
Sam wasn’t a ruthless financial serial killer. He was not predatory. He makes decisions with math in his head, not malice in his heart.
Source: https://newsbit.nl/ftx-oprichter-sam-bankman-fried-krijgt-25-jaar-celstraf/
