US court sentence crypto king Sam Bankman-Fried to 25 years in prison for fraud, money laundering

US court sentence crypto king Sam Bankman-Fried to 25 years in prison for fraud, money laundering

Sam Bankman-Fried, former chief executive officer (CEO) and
founder of Futures Exchange (FTX), has been sentenced to 25 years in prison
after being convicted of defrauding his customers, investors, and lenders.

 

Bankman-Fried was sentenced on Thursday in a Manhattan
federal court presided by Judge Lewis Kaplan.

 

The 31-year-old crypto expert faced up to 110 years,
however, prosecutors argued for a sentence of 40 years to 50 years, while
Bankman-Fried’s lawyers asked for six and a half years.

 

At the court, his lawyers argued Bankman-Fried “eschews
materialistic trappings” and suffers from a severe condition that causes his
“near-complete absence of enjoyment, motivation, and interest”.

 

But Kaplan said he would recommend to the bureau of prisons
that Bankman-Fried be placed in a medium-security facility or any
lower-security facility the bureau finds appropriate.

 

Medium-security federal prisons have strengthened perimeters
— often double fences with electronic detection systems — and mostly cell
housing, according to the bureau of prisons.

 

Just before announcing Bankman-Fried’s 25-year sentence, Kaplan
said there was a risk “that this man (Bankman-Fried) will be in a position to
do something very bad in the future, and it’s not a trivial risk”.

 

“Bankman-Fried acknowledged his mistakes and said he was
sorry for what happened to customers but never a word of remorse for the
commission of terrible crimes,” Kaplan said.

 

“He knew it was wrong.”

 

The judge also said many facts are not disputed, including
that the former FTX boss had “an exceptionally privileged background”.

 

“He is extremely smart. And he suffers from autism, and is
capable of huge accomplishments,” he said.

 

Kaplan also agreed with prosecutors’ claim that
Bankman-Fried “wanted to be a hugely, hugely politically influential person in
this country,” and that propelled his financial crimes.

 

In 2022, Bankman-Fried was arrested by Bahamian authorities
due to criminal charges filed by the US government.

 

On November 3, 2023, Bankman-Fried was found guilty of fraud
and money laundering at the end of a month-long trial in New York.

Source: US court sentence crypto king Sam Bankman-Fried to 25 years in prison for fraud, money laundering

 - NigerianEye

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