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  • Writer's pictureOlga Nesterova

Sam Bankman-Fried Sentenced To 25 Years In Prison

Returning to Manhattan federal court on Thursday , March 28th, #SamBankmanFried faced a potential sentencing that could've resulted in a lengthy prison term of up to 50 years.

Speaking to the court, the former CEO of the collapsed crypto exchange FTX expressed remorse, acknowledging that his decisions continue to trouble him daily.

"It's been excruciating to watch," he said. "Customers don't deserve any of that pain."

While prosecutors were pushing for a 40-50 year sentence, Bankman-Fried's legal team argued that a maximum of six and a half years is more appropriate for a first-time non-violent offender.

"My useful life is probably over. It's been over for a while now", says SBF.

Bankman-Fried was convicted in November on seven counts of fraud and conspiracy related to the collapse of FTX.

Prosecutor Nicolas Roos countered Bankman-Fried's statement, alleging that FTX was founded on pervasive criminality.

"Sam Bankman-Fried stole over $8 billion in customer money, and I emphasize stole because it was not a liquidity crisis, or an active mismanagement, or poor oversight from the top," Roos said.

Judge Kaplan mentioned that facts such as SBF's exceptionally privileged background" are not to be disputed.

"He is extremely smart. And he suffers from autism," said Judge Kaplan, adding that SBF "is capable of huge accomplishments" while noting he has "a way of interacting with people that’s unusual and sometimes off-putting."

The judge agreed with prosecutors' claim that Bankman-Fried "wanted to be a hugely, hugely politically influential person in this country," and that that was the intention behind his financial crimes.

In addition to serving 25 years in prison, Judge Kaplan also ordered a forfeiture of $11.2 billion.

However, there would be no restitution because it would "impractical" in this case with so many victims.


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