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FTX‘s collapse and former FTX CEO Sam Bankman-Fried, who stood before the judge with billions of dollars in loss claims, was sentenced to 25 years in prison.
FTX customers have lost more than 8 billion dollars, according to the lawsuit filed. Prosecutors recommended a prison sentence of 40 to 50 years for Bankman-Fried, who was charged with defrauding FTX investors. Defense attorneys requested five to six and a half years in prison, arguing that “a non-violent crime was committed for the first time” and that the money will be repaid to FTX customers.
Judge Lewis Kaplan decided to sentence Bankman-Fried to 25 years in prison. It was noted that Bankman-Fried intends to appeal his sentence. FTX went bankrupt in November 2022. The resignation of the company’s CEO Sam Bankman-Fried was announced. Bankman-Fried was arrested in the Bahamas in December with charges from the US. He was extradited to the US and released on bail.
Bankman-Fried denied the charges but admitted his mistakes. His bail was revoked because he was charged with “trying to influence witnesses” and he was sent to jail. Some witnesses who admitted the charges against Bankman-Fried cooperated and accused him. The jury found Bankman-Fried guilty and convicted him of various crimes. Bankman-Fried defended that he acted in good faith in court and claimed he acted according to FTX’s policies. Prosecutors asked them not to believe that Bankman-Fried was innocent.
The jury found Bankman-Fried guilty of seven crimes, including electronic fraud, securities fraud, and money laundering. Damian Williams, the Southern District Prosecutor of New York, stated that Bankman-Fried committed one of the largest financial frauds in American history. Bankman-Fried faced a prison sentence of up to 110 years according to federal penal rules.
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