Sam Bankman-Fried just got sentenced to 25 years in prison

[Pelican Press 0]

Sam Bankman-Fried just got sentenced to 25 years in prison

Disgraced former FTX CEO Sam Bankman-Fried was just sentenced to 25 years behind bars in a ruling handed forth New York’s Southern District Court. Judge Lewis A. Kaplan announced the decision this morning.

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, Bankman-Fried expressed regret for his actions and the people he harmed. “It’s been excruciating to watch,” he said. “Customers don’t deserve any of that pain.” He also acknowledged the serious time he was likely to spend behind bars. “My useful life is probably over,” he said. “It’s been over for a while now.”

Judge Kaplan ***** out his reasoning for delivering such a harsh sentence to the one-time golden boy of the crypto community, suggesting that Bankman-Fried could be in “position to do something very bad in the future.” The sentence was issued “for the purpose of disabling him to the extend that can appropriately be done for a significant ******* of time.”

Bankman-Fried is expected to appeal the decision. His defense team

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five to 6.5 years, citing his “charitable works and demonstrated commitment to others.” The team also suggested lenience on the grounds that victims would be made whole, referring to a

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showing that customers and creditors will get their money back. Prosecutors, on the other hand, wanted something much harsher. They asked for a sentence of 40 to 50 years “to reflect the seriousness of the defendant’s *******,” US Attorney Damian Williams

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. The maximum possible sentence was 110 years.

SBF, as he’s now infamously known, was arrested in the Bahamas back in December of 2022. He faced seven charges, including wire ****** against FTX customers, wire ****** against Alameda Research lenders, *********** to commit wire ****** against both entities, *********** to commit securities and commodities ****** on FTX customers and *********** to commit money laundering. He was found guilty of all charges.

The trial lasted one month, with prosecutors arguing that he used FTX funds to keep sibling company Alameda Research afloat. Caroline Ellison, his one-time girlfriend and CEO of Alameda, confirmed this to be true and admitted that she committed ****** on behalf of Bankman-Fried. The defendant’s lawyers, on the other hand, tried to

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who wrestled with “forces largely outside of his control.”

Alameda borrowed more than $8 billion from FTX, money that was taken from accounts belonging to FTX customers. Bankman-Fried claims he only learned of this in 2020 but performed no actions to safeguard the funds. He took the stand during the trial and said

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“not taking a deeper look into” what was going on with both companies. FTX collapsed and filed for bankruptcy in 2022.

“Clearly, I made a lot of mistakes. There are things I would give anything to be able to do over again,”

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before the trial started.

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