Crypto billionaire ‘posterboy’ jailed for 25 years for stealing $8 billion from consumers
Sam Bankman apologizes to customers and his former colleagues—Photo: Reuters
Manhattan: FTX cryptocurrency exchange founder and billionaire Sam Bankman Freud was sentenced to 25 years in prison for stealing $8 billion from customers.
After a hearing in Manhattan, U.S. District Judge Lewis Caplan handed down the 25-year prison sentence after rejecting claims by Sam Bankman Freud, who said consumers did not lose their money, Reuters reported. were
A US jury convicted Sam Bankman Freud, 32, on November 2, 2023, of fraud and conspiracy charges in connection with the 2022 collapse of FTX, which prosecutors described as one of the largest financial frauds in US history. .
Before handing down the sentence, Judge Lewis Caplan said that Bankman had shown no remorse for his crimes, that he knew it was wrong, that he knew it was a crime and that he regretted saying it. He had a very bad condition, but he is not admitting it, believing himself to be right.
Sam stood by Bankman’s cuffed hands as the verdict was handed down in court, and he was escorted out of the courtroom by U.S. Marshals Service officers at the end of the hearing.
Sam Bankman-Fried admitted during the judge’s 20-minute remarks that FTX customers had suffered and apologized to his former FTX colleagues.
The judge said in his decision that Sam Bankman was found guilty of embezzling $8 billion from FTX customers, $1.7 billion of FTX’s equity investors, and $1.3 billion of Alameda Research. The damage was done.
The ruling stated that FTX’s claim of full payment to customers and investors was completely misleading, logically false and fanciful, with thieves successfully transferring their loot to Las Vegas and gambling with the stolen money. The punishment cannot be reduced.
The judge said that Sam Bankman lied during the trial that his funds were used for customer deposits from FTX.
Federal prosecutors had asked for a sentence of 40 to 50 years for Sam Frankman, while defense attorney Mark Mokesi argued that one to five years or four years would be more appropriate.
Sam Frankman addressed the judge and said that consumers are facing difficulties, I don’t mean to belittle, I also understand that what I said was not the case and I apologize for that.
Referring to the former employees of FTX, he told the judge that they worked hard but I let them down and that is what bothers me all the time.
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