New York, NY – March 29, 2024 – Sam Bankman-Fried, the founder and former CEO of the collapsed FTX cryptocurrency exchange, has been sentenced to 25 years in federal prison. The sentence was handed down by Judge Lewis Kaplan in a New York court on Thursday.
Bankman-Fried was convicted in January of eight counts of fraud and conspiracy related to the collapse of FTX and its affiliated trading firm, Alameda Research. Prosecutors had asked for a sentence of 40 to 50 years, while Bankman-Fried's lawyers had requested a sentence of five to six years.
In his sentencing remarks, Judge Kaplan said that Bankman-Fried had committed "a fraud of epic proportions" and that his actions had "devastated" investors and customers. Kaplan also said that Bankman-Fried had shown a lack of remorse for his crimes and that he posed a risk of committing future financial crimes.
Bankman-Fried's lawyers have said that they plan to appeal the sentence.
The collapse of FTX was one of the biggest financial scandals in recent history. The company filed for bankruptcy in November 2022, leaving an estimated 1 million customers and investors with losses totaling billions of dollars.
Bankman-Fried's sentencing is a significant milestone in the ongoing legal proceedings related to the FTX collapse. Several other former FTX executives have pleaded guilty to fraud charges and are cooperating with prosecutors.
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Bankman-Fried's sentencing is a reminder of the importance of due diligence when investing in cryptocurrency. Investors should always research potential investments carefully and only invest with reputable companies.
Disclaimer:
The information provided in this article is for informational purposes only and should not be construed as financial advice. Investors should always consult with a qualified financial advisor before making any investment decisions.
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