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Co-founder FTX, Sam Bankman-Friedwas sentenced to 25 years in federal prison for scam and steal billions of dollars from cryptocurrency platform clients. U.S. District Judge Lewis A. Kaplan
Co-founder FTX, Sam Bankman-Friedwas sentenced to 25 years in federal prison for scam and steal billions of dollars from cryptocurrency platform clients.
U.S. District Judge Lewis A. Kaplan imposed the sentence in Manhattan federal court despite Bankman-Fried’s statement that he had “always regretted” the sinking of the vessel. FTXWhat uncovered nearly $10 billion worth of fraud.
Convicted He faced up to 110 years in prison after being convicted of seven crimes last year.among them fraud and conspiracyaccording to the agency Bloomberg.
First Bankman-Fried, 32 years old, He denied intentional fraud and claimed that he and his cryptocurrency empire were victims of the 2022 market crash.
But Judge Kaplan rejected Bankman-Fried’s 20-minute plea, saying he felt no real remorse and instead focused on the seriousness of the crime.
Judge Kaplan found that “there is a risk that this person be able to do something very bad in the future.”
During the trial, the prosecutor’s office accused Bankman-Fried of divert billions of dollars from FTX to his hedge fund brother, Alameda Researchspend it on speculative investments, over 300 political donations and expensive real estate.
Faced with market volatility, lenders began asking them for money in 2022, and Bankman-Fried used funds from FTX clients to repay them. But an avalanche of customer failures culminated with FTX filing for bankruptcy in November 2022 and Bankman-Fried stepping down as CEO.
Europe Press
Source: Aristegui Noticias
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