Sam Bankman-Fried, a prominent American entrepreneur and cryptocurrency figure, received a 25-year prison sentence on Thursday for his involvement in defrauding users of the collapsed cryptocurrency exchange FTX.
During a federal court session in lower Manhattan, United States District Judge Lewis Kaplan criticized the defense argument as misleading, logically flawed, and speculative. Judge Kaplan noted that Bankman-Fried had obstructed justice and tampered with witnesses as part of his defense strategy, factors that influenced the sentencing decision.
After a two-hour hearing, Judge Kaplan remarked that Bankman-Fried was fully aware of the criminal nature of his actions and acknowledged his regret for underestimating the likelihood of being caught, characterizing it as a “bad bet.” Bankman-Fried, dressed in a beige jailhouse jumpsuit, expressed remorse, admitting to a series of “selfish” decisions made while leading FTX, lamenting that he had squandered his opportunities. He stated, “It haunts me every day,” acknowledging the numerous mistakes he had made.
Sam Bankman-Fried contended that FTX had the capability to reimburse customers at the time of its collapse. However, prosecutors asserted that Bankman-Fried unlawfully obtained over $10 billion from unsuspecting customers, labeling it as one of the largest financial frauds in US history. FTX, once valued at $32 billion, filed for bankruptcy in 2022. Bankman-Fried had cultivated a public persona that attracted celebrities, politicians, and business leaders to the platform.
Sam Bankman-fried
Prosecutors had pushed for a maximum sentence of 50 years, whereas Bankman-Fried’s legal team argued for no more than six and a half years. He was convicted on seven criminal counts in November and has been in custody at the Metropolitan Detention Center in Brooklyn since then.
Source: vanguard.ng
