Sam Bankman-Fried sentenced to 25 years in prison

He was recovered blameworthy of 7 counts of fraud and conspiracy.

Sam Bankman-Fried, crypto bro and scammer extraordinaire, was conscionable sentenced to 25 years successful prison aft being recovered guilty of 2 counts of ligament fraud conspiracy, 2 counts of ligament fraud, 1 count of conspiracy to perpetrate money laundering, conspiracy to perpetrate commodities fraud, and conspiracy to perpetrate securities fraud.

"The defendant's assertion that FTX customers and creditors will beryllium paid successful afloat is misleading, it is logically flawed, it is speculative," Judge Lewis Kaplan said, according to Reuters. "A thief who takes his loot to Las Vegas and successfully bets nan stolen money is not entitled to a discount connected nan condemnation by utilizing his Las Vegas winnings to salary backmost what he stole."

Bankman-Fried, nan laminitis and erstwhile CEO of crypto speech FTX, scammed customers retired of astir $10 cardinal and led to nan full illness of FTX and different hedge fund, according to a November ruling. 

He faced a maximum imaginable condemnation of 110 years successful prison. During nan case, Judge Kaplan accrued nan sentencing guidelines scope for Bankman-Fried because he perjured himself and knowingly obstructed justice.

Bankman-Fried said astatine nan criminal sentencing hearing that he made a "series of selfish decisions." He said his coworkers "built thing really beautiful and I threw each of that away," and said his determination "haunts [him] each day."

Bankman-Fried will apt entreaty some his condemnation and his sentence.

This newsletter whitethorn incorporate advertising, deals, aliases connection links. Subscribing to a newsletter indicates your consent to our Terms of Use and Privacy Policy. You whitethorn unsubscribe from nan newsletters astatine immoderate time.