FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for the massive fraud and conspiracy that

[Celerity]

doomed his cryptocurrency exchange and a related hedge fund.



Bankman-Fried delivered a winding apology statement, saying he made “selfish decisions,” that haunt him “every day.”

https://www.cnbc.com/2024/03/28/live-updates-ftx-founder-sam-bankman-fried-sentencing.html



FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund. “They built something really beautiful and I threw all of that away,” Bankman-Fried said of his co-workers at FTX. “It haunts me every day.” “It’s been excruciating to watch this all unfold,” he said. “Customers don’t deserve this level of pain. “I was the CEO of FTX and I was responsible.”

SBF faced a maximum possible sentence of 110 years in prison under federal sentencing guidelines for the massive fraud conspiracy that led to the collapse of FTX and a related hedge fund, a judge ruled Thursday. Judge Lewis Kaplan increased the sentencing guidelines range for Bankman-Fried after finding that he had perjured himself at his trial and knowingly obstructed justice.

The judge also found Thursday that the total loss of the fraud at FTX exceeded $550 million. Anything more than that is “just gravy,” Kaplan noted, referring to the fact that any more loss would not increase the top end of the guidelines. However, Kaplan said he “rejects the entirety of defendant’s argument there was no loss” at FTX, calling that claim “misleading, logically flawed and speculative.” After Kaplan ruled on the guideline enhancement, several victims of Bankman-Fried began talking about the effects of his crimes.

Bankman-Fried, who was wearing a beige jailhouse jumpsuit, looked at the victims as they talked to the judge. Federal prosecutors want Bankman-Fried sentenced to between 40 to 50 years in prison. His defense team asked Kaplan to sentence him to much less than that, between five and six-a-half years behind bars. Kaplan presided over the trial, which ended in November when a jury found Bankman-Fried, 32, guilty of seven counts and held him responsible for the roughly $10 billion of customer deposits that went missing in 2022.

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[Woodwizard]

1. Bet he will be out in under 5

[maxsolomon]

4. I think there are minimums for time served.

He'll do at least half of the 25.

[Woodwizard]

11. Yes federal is 87% of sentence from what I looked up. Good.

[Voltaire2]

2. A seriously harsh penalty

A warning to never fuck with the oligarchs' money.

[2naSalit]

3. Not long enough.

He'll still be really young when he gets out. And, as mentioned above, he might do 5 which is total bullshit. He only got less than a quarter of potential sentence and he'll probably do only a quarter of that!

I feel cheated.

[Voltaire2]

5. How were you harmed?

[2naSalit]

8. By the special treatment he gets...

Just for being white and wealthy, had he been anything else, he'd be looking at dying in prison. Just sayin'.

I was also harmed by the environmental damage all the fucking crypto shit does, and for what?

[Voltaire2]

9. for fraud? What are you talking about?

Look at Trump - he committed fraud and is facing zero years in jail.

[2naSalit]

10. That's what I'm talking about.

[mathematic]

6. "As mentioned above" by somebody as hopelessly wrong about federal sentencing as you are

I'm sorry but you actually believe somebody serving a 25 year sentence can get out 20 years early? Why even bother with the pretense of facts if you're just going to get outraged by pure fantasy?

[2naSalit]

7. In these times...

Any absurdity is possible, sad to say. The fact that he has parents who are wealthy and he is wealthy and those are the people for whom absurd lapses in severity of consequences is the norm.

Get back to me in five years and we can compare notes.

[Woodwizard]

12. The hopelessly wrong one "ME"

Looked it up 87% of sentence must be served.