Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX was sentenced to 25 years in prison after being convicted of fraud for stealing at least $10 billion from customers and investors.
FILE - FTX founder Sam Bankman-Fried, center left, is escorted out of Magistrate Court following a hearing in Nassau, Bahamas, Dec. 19, 2022. Bankman-Fried, charged with a host of financial crimes, was arrested in the Bahamas on Dec. 12, 2022. Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry's collapse.
In its bankruptcy filing, FTX listed more than 130 affiliated companies around the globe. The company valued its assets between $10 billion to $50 billion, with a similar estimate for its liabilities. Bitcoin falls 10%.The U.S. government charges Bankman-Fried with a host of financial crimes , alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company’s multibillion-dollar collapse.
Federal prosecutors said Bankman-Fried devised “a scheme and artifice to defraud” FTX’s customers and investors beginning the year it was founded. He illegally diverted their money to cover expenses, debts and risky trades at Alameda Research, and to make lavish real estate purchases and large political donations, prosecutors said in a 13-page indictment.Judge revoked Bankman-Fried's bail and sent him to jailCopyright 2024 The Associated Press. All rights reserved.
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