The founder of crypto exchange FTX was found guilty of fraud in November, and a New York court has now announced the sentence.
The founder of collapsed crypto exchange FTX will spend the coming decades behind bars. In the multi-billion dollar fraud investigation against Sam Bankman-Roast said the judge Louis Kaplan The 32-year-old was sentenced to 25 years on Thursday after a jury found him guilty in November.
The state attorney's office had called for a prison sentence of 40 to 50 years. “His life over the past few years has been characterized by unparalleled greed and arrogance, ambition and self-justification, by taking risks and repeatedly playing with other people's money,” he explained.
“Super Villain”
Bankman-Fried's defense attorneys, on the other hand, asked for a prison sentence of five to six-and-a-half years. Your client is by no means the “supervillain” described by the prosecution.
Imprisonment required is “interim”. They also pointed out that FTX customers got a large part of their money back. Judge Kaplan disagreed with this argument. “A thief who brings his loot to Las Vegas and makes a successful bet with the stolen money cannot obtain any relief from punishment by using the Las Vegas winnings to repay the stolen money.”
In a statement, Bankman-Fried apologized to her former employees. “I regret what happened. There were things I should have done, things I should have said, things I shouldn't have done.” Some of her former associates pleaded guilty and were charged against Bankman-Fried in her fraud trial.
8 crore fraud
The jury found that Bankman-Fried, who was known for wearing jeans and a T-shirt and swept his distinctive hair, defrauded eight billion dollars of client money out of pure greed to speculate and fund his extravagance. Life. Although he has admitted to errors in the process, he has repeatedly denied allegations of fraud.
He had also announced that he would appeal against the verdict and sentence. In addition to Bankman-Fried, her parents, university professors Joseph Bankman and Barbara Fried, attended Thursday's hearing.
