Sam Bankman-Fried has received a 25-year prison sentence, with the judge citing his apparent lack of remorse and tendency to distort the truth.
This verdict was delivered during a hearing in New York, where Judge Lewis Kaplan emphasized the need for the punishment to reflect the gravity of the crime.
During the sentencing, Judge Kaplan declared, “It is the judgment of this court that you shall serve 240 months, followed by an additional consecutive 60 months, culminating in a total of 300 months, which amounts to 25 years.”
Following his sentencing, the FTX founder has been mandated to surrender $11 billion, the amount he embezzled during his criminal activities.
As the sentence was pronounced, Bankman-Fried stood with his hands clasped in front of him.
His defense team endeavoured to distinguish his offences from those of Bernie Madoff, the financier responsible for a multi-billion dollar Ponzi scheme. It’s noteworthy that Madoff received a 150-year prison sentence.
The former cryptocurrency prodigy, now 32, will be 57 when released from prison. Although he could have faced up to 100 years, prosecutors had recommended a sentence of 40 to 50 years.
Judge Kaplan highlighted that Bankman-Fried’s actions resulted in over $10 billion in losses for customers, investors, and lenders. He also noted attempts by Bankman-Fried to tamper with witnesses and provide false testimony during the trial.
This sentencing follows his conviction for diverting billions of dollars from FTX customer funds towards risky investments and extravagant spending.
Before the sentencing, Bankman-Fried admitted to making numerous mistakes and causing significant harm, remarking that his “useful life is probably over.” His lawyers have indicated plans to appeal the jury’s decision.
