Sam Bankman-Fried Sentenced to 25 Years in Prison in FTX Fraud Trial

rollingstone.com – by Daniel Kreps – Sam Bankman-Fried has been sentenced to 25 years in prison after being found guilty of fraud charges in connection to his collapsed cryptocurrency exchange FTX.

Bankman-Fried was charged with conspiracy to commit wire fraud, securities fraud, money laundering, and violations of campaign finance law in December 2022. The then-30-year-old allegedly defrauded millions of investors through FTX crypto schemes, including using customer investments in the amount of $8 million to fund side investments and pay off debts.

In November 2023 – after a trial that featured both shocking testimony from ex-girfriend/co-conspirator Caroline Ellison as well as evasive testimony from Bankman-Fried himself in his own defense – SBF was convicted of the federal charges, which carried a sentence of up to 115 years in prison.

Prior to sentencing, Bankman-Fried addressed the court and said the FTX collapse “haunts him every day.” “A lot of people feel really let down, and they were very let down, and I am sorry about that.” he said. “I am sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have.”

SBF added prior to sentencing (via CNN), “My useful life is probably over. It’s been over for a while now.”

His lawyer, Marc Mukasey, told the judge, “Sam was not a ruthless financial serial killer who set out every morning to hurt people. His real motivations were misapprehended and misunderstood. Really, he’s an awkward math nerd.”

more…  https://www.rollingstone.com/culture/culture-news/sam-bankman-fried-sentenced-prison-ftx-fraud-trial-1234995536/