'He knew it was wrong, he knew it was criminal'
Crypto Scammer Sam Bankman-Fried Gets 25 Year Prison Sentence
Sam Bankman-Fried, the MIT-educated entrepreneur and founder of now-bankrupt cryptocurrency exchange FTX, was sentenced to 25 years in prison Thursday after being convicted on seven fraud counts, including conspiracy and money laundering. FTX was once valued at over $30 billion, but fell apart during a liquidity crisis that exposed the company's shady dealings.
Bankman-Fried apologized to customers before his sentencing and said that his decisions haunted him daily, the New York Times said. New York court reporter Molly Crane-Newman was at the scene, and reported that that the sentence was handed down by Manhattan Federal District Court Judge Lewis A. Kaplan.
News: Sam Bankman-Fried has been sentenced to 25 years in prison for stealing ~$10 billion from FTX customers.
— Molly Crane-Newman (@molcranenewman) March 28, 2024
He stood and faced Judge Kaplan with his hands clasped as the term was handed down. He faced up to 110 years.
Kaplan ordered SBF to pay around $11 billion in forfeiture.
— Molly Crane-Newman (@molcranenewman) March 28, 2024
The judge recommended he serve his term as close as possible to the San Francisco Bay area to be close to family and at a facility where his autism needs will be accommodated.
Bankman-Fried showed little emotion as Marshals escorted him out of the courtroom in shackles. More TK.
— Molly Crane-Newman (@molcranenewman) March 28, 2024
"There is a risk that this man will be in a position to do something very bad in the future and it's not a trivial risk, not a trivial risk at all. So, in part, my sentence will be for the purpose of disabling him--to the extent that can be done--for a significant amount of time"
— Molly Crane-Newman (@molcranenewman) March 28, 2024
Watch:
[Image: WQAD News 8/YouTube]
