Sam Bankman-Fried sentenced to 25 years in prison for orchestrating FTX fraud [View all]
Last edited Thu Mar 28, 2024, 01:52 PM - Edit history (1)
Source: NBC News
March 28, 2024, 11:46 AM EDT
Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX. In a federal courtroom in lower Manhattan, U.S. District Judge Lewis Kaplan called the defense argument misleading, logically flawed and speculative.
He said Bankman-Fried had obstructed justice and tampered with witnesses in mounting his defense -- something Kaplan said he weighed in his sentencing decision.
Bankman-Fried, wearing a beige jailhouse jumpsuit, struck an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away." "It haunts me every day," he said in his statement.
Prosecutors had sought as much as 50 years, while Bankman-Fried's legal team argued for no more than 6 years. He was convicted on seven criminal counts in November and had been held at the Metropolitan Detention Center in Brooklyn since.
Read more: https://www.nbcnews.com/business/business-news/sam-bankman-fried-sentenced-25-years-prison-orchestrating-ftx-fraud-rcna145286
Article updated.
Previous article/link -
Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX. In a Lower Manhattan federal courtroom, U.S. District Judge Lewis Kaplan called the defense's argument misleading, logically flawed, and speculative.
He said Bankman-Fried had committed obstruction of justice and witness tampering while mounting his defense -- something Kaplan said he weighed in his sentencing decision.
Bankman-Fried, wearing a beige jailhouse jumpsuit, made a statement striking an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away." "It haunts me every day," he said.
Prosecutors had sought as much as 50 years, while Bankman-Fried's legal team argued for no more than 6 years. He was convicted on seven criminal counts in November and had been held at the Metropolitan Detention Center in Brooklyn ever since.
https://www.nbcnews.com/business/business-news/sam-bankman-fried-sentenced-20-years-prison-orchestrating-ftx-fraud-rcna145286
Original article/headline -
Mar. 28, 2024, 11:46 AM EDT
Sam Bankman-Fried was sentenced Thursday to 20 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX.
In a Lower Manhattan federal courtroom, U.S. District Judge Lewis Kaplan called the defense's argument misleading, logically flawed, and speculative.
He said Bankman-Fried had committed obstruction of justice and witness tampering while mounting his defense -- something Kaplan said he weighed in his sentencing decision.
Bankman-Fried, wearing a beige jailhouse jumpsuit, made a statement striking an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away." "It haunts me every day," he said.
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