Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud

Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors of cryptocurrency exchange FTX.

Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud
Courtroom sketch by Elizabeth Williams / AP.
  • "Samuel Bankman-Fried orchestrated one of the largest financial frauds in history, stealing over $8 billion of his customers’ money.  His deliberate and ongoing lies demonstrated a brazen disregard for customers’ expectations and disrespect for the rule of law, all so that he could secretly use his customers’ money to expand his own power and influence," said U.S. Attorney Damian Williams.
  • Judge Kaplan also ruled Bankman-Fried's forfeited assets (worth $11.02 billion) can be used to help fund the repayment of victims of the FTX collapse.
“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,” the judge said of Bankman-Fried before handing down the sentence.
  • "Today’s sentence will prevent the defendant from ever again committing fraud and is an important message to others who might be tempted to engage in financial crimes that justice will be swift, and the consequences will be severe.”

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