NEW YORK (AP) — Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud that unraveled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comedian Larry David.
U.S. District Judge Lewis A. Kaplan imposed the sentence in the same Manhattan courtroom where, four months ago, Bankman-Fried testified that his intention had been to revolutionize the emerging cryptocurrency market with his innovative and altruistic ideas, not to steal.
Kaplan said the sentence reflected “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.” He added that it was “for the purpose of disabling him to the extent that can appropriately be done for a significant period of time.”
Prior to sentencing, Bankman-Fried had said, “My useful life is probably over. It’s been over for a while now, from before my arrest.”
Prosecutors said Bankman-Fried had cost customers, investors and lenders over $10 billion by misappropriating billions of dollars to fuel his quest for influence and dominance in the new industry, and had illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
He should have got 50 on a chain gang. But this may work out so long as they don’t put him in a Club Fed, and they don’t put him on suicide watch.
DOJ is a political organization
So this white Jew gets 25 years in prison, yet the black thug that just murdered a white cop, will get another slap on the wrist and walk out with his reparations check.
He seems like a nice boy.
If he just stuck to stealing money from the average person he would have never been indicted let alone convicted. He made the mistake of stealing money from people more powerful and wealthy than himself. That said, he ruined the lives of thousands of people he stole from and deserves the sentence he received.