Bankman-Fried, 32, was found guilty in November of multiple counts of fraud and conspiracy after his cryptocurrency exchange, FTX, imploded spectacularly.
Former FTX CEO Sam Bankman-Fried, once celebrated as a visionary in cryptocurrency, was sentenced to 25 years in prison on Thursday for orchestrating a multi-billion dollar fraud described as one of the largest financial schemes in recent history. The swift fall from grace marks a stunning conclusion for the man who, just last year, held a purported net worth in the tens of billions., imploded spectacularly.
Assistant U.S. Attorney Nicolas Roos argued for a stringent prison term, stating that it was necessary to deter Bankman-Fried from future misconduct. Prosecutors detailed the extensive scheme by which Bankman-Fried siphoned billions of dollars from FTX customer deposits for unauthorized purposes, such as risky private investments, political donations, and luxury real estate purchases. They further alleged that he fabricated accounting documents to appease lenders and bribed Chinese officials.
However, the disgraced founder also asserted that his “useful life is probably over” and subtly downplayed his culpability by blaming others and citing “a lot of mistakes” in his decision-making. His defense team had sought a far more lenient sentence in the single-digit range.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX Founder Sam Bankman-Fried Found Guilty In Crypto Fraud CaseFTX founder Sam Bankman-Fried was found guilty on all 7 counts in his federal crypto fraud case.
Read more »
Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison for defrauding FTX investorsCrypto entrepreneur Sam Bankman-Fried was sentenced to 25 years in prison for a massive fraud that unraveled with the collapse of FTX.
Read more »
FTX founder Sam Bankman-Fried sentenced to 25 years for crypto fraudFTX founder Sam Bankman-Fried was convicted of fraud involving his cryptocurrency exchange and a related hedge fund. Prosecutors want him locked up for decades.
Read more »
FTX Crypto Fraudster Sam Bankman-Fried Sentenced to 25 Years in PrisonThe former billionaire was convicted on all seven counts in November.
Read more »
Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investorsNEW YORK (AP) — Former crypto mogul Sam Bankman-Fried, facing the potential of decades in prison, waited to hear his fate Thursday as a sentencing
Read more »
Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors31-year-old teach businessman Sam Bankman-Fried was found guilty on all seven counts of fraud and conspiracy.
Read more »