Sam Bankman-Fried Sentenced To 25 Years For Multi-Billion FTX Fraud

Thursday, March 28, 2024, 11:55:07 AM

Sam Bankman-Fried, the founder of the failed FTX crypto exchange, has finally been sentenced for the massive multi billion dollar fraud committed.

Bankman-Fried, or SBF as he is frequently referred to, has been sentenced to 240 months in prison, which is to be followed by a consecutive 60 months for a total of 300 months in prison, or 25 years. The sentence was handed down by Judge Lewis Kaplan of the United States District Court for the Southern District of New York.

Judge Kaplan: It is the judgment of the court that you are sentenced to 240 months then consecutive 60 [etc] for a total of 300 months [25 years]
— Inner City Press (@innercitypress) March 28, 2024

In making his decision, Kaplan stated that the Probation Department had recommended 105 years as a sentence, while the Government aimed for 40 to 50 years, but that such a sentence would be “more than necessary.”

READ: “Why Were The Bitcoins Missing?”: FTX CEO Lambasts Bankman-Fried’s Claim That The “Harm… Is Zero”

Judge Kaplan: I am not diminishing the harm. The brazenness of his actions. His exceptional flexibility with the truth. His apparent lack of any remorse. I want to add one further thought. I did not think it a fruitful use of time to spell out every lie –
— Inner City Press (@innercitypress) March 28, 2024

Kaplan added that he had “never seen a performance” like SBF’s in the court during his 30 years serving as a judge, referring to his lies, evasiveness, hair splitting, and constant requests for questions to be rephrased.

Information for this briefing was found via Inner City Press and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.