Sam Bankman-Fried sentenced to 25 years in prison for orchestrating FTX fraud

[BumRushDaShow]

Last edited Thu Mar 28, 2024, 01:52 PM - Edit history (1)

Source: NBC News

March 28, 2024, 11:46 AM EDT


Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX. In a federal courtroom in lower Manhattan, U.S. District Judge Lewis Kaplan called the defense argument misleading, logically flawed and speculative.

He said Bankman-Fried had obstructed justice and tampered with witnesses in mounting his defense -- something Kaplan said he weighed in his sentencing decision.

Bankman-Fried, wearing a beige jailhouse jumpsuit, struck an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away." "It haunts me every day," he said in his statement.

Prosecutors had sought as much as 50 years, while Bankman-Fried's legal team argued for no more than 6 years. He was convicted on seven criminal counts in November and had been held at the Metropolitan Detention Center in Brooklyn since.

Read more: https://www.nbcnews.com/business/business-news/sam-bankman-fried-sentenced-25-years-prison-orchestrating-ftx-fraud-rcna145286

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Article updated.

Previous article/link -

Mar. 28, 2024, 11:46 AM EDT


Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX. In a Lower Manhattan federal courtroom, U.S. District Judge Lewis Kaplan called the defense's argument misleading, logically flawed, and speculative.

He said Bankman-Fried had committed obstruction of justice and witness tampering while mounting his defense -- something Kaplan said he weighed in his sentencing decision.

Bankman-Fried, wearing a beige jailhouse jumpsuit, made a statement striking an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away." "It haunts me every day," he said.

Prosecutors had sought as much as 50 years, while Bankman-Fried's legal team argued for no more than 6 years. He was convicted on seven criminal counts in November and had been held at the Metropolitan Detention Center in Brooklyn ever since.

https://www.nbcnews.com/business/business-news/sam-bankman-fried-sentenced-20-years-prison-orchestrating-ftx-fraud-rcna145286

Original article/headline -

Sam Bankman-Fried sentenced to 20 years in prison for orchestrating FTX fraud

Mar. 28, 2024, 11:46 AM EDT


Sam Bankman-Fried was sentenced Thursday to 20 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX.

In a Lower Manhattan federal courtroom, U.S. District Judge Lewis Kaplan called the defense's argument misleading, logically flawed, and speculative.

He said Bankman-Fried had committed obstruction of justice and witness tampering while mounting his defense -- something Kaplan said he weighed in his sentencing decision.

Bankman-Fried, wearing a beige jailhouse jumpsuit, made a statement striking an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away." "It haunts me every day," he said.

[GreenWave]

1. So this bank man got fried. Sounds like poetic justice.

[SouthBayDem]

2. 25 years, story is corrected nt

[BumRushDaShow]

4. Thanks!

[Takket]

3. CNN reporting 25. Not sure who is right.

[BumRushDaShow]

7. NBC corrected their headline and story copy

[Takket]

5. Surprised he didn't claim absolute immunity. Could have delayed all this a few years.

[JenniferJuniper]

6. Take 15% off for good behavior and will see ya in 2045.

[getagrip_already]

8. Or they will find contraband in his bunk and he will be a lifer

If he passes off the wrong gang. They don't always shiv you.

[FakeNoose]

9. Has anyone read "Going Infinite" by Michael Lewis?

This excerpt was published in WSJ last fall when the book came out. It's one chapter from the book and it reveals a lot about Sam Bankman-Fried as he morphed into the evil brain behind Alameda Research.

The excerpt mentions Caroline Ellison who became his CEO at Alameda and who ultimately testified against him in the 2023 wire fraud trial. (Ellison and 2 other employees made a plea deal on lesser charges, and testified against Bankman-Fried.)

Link: https://www.wsj.com/finance/caroline-ellison-sam-bankman-fried-ftx-book-michael-lewis-675b1ce6

Archived (no paywall) link: https://archive.ph/FeC0P

[twodogsbarking]

10. He should have started a facist social network.

[SouthernDem4ever]

11. He should have hired Dump's lawyers

he'd still be out on delays.

[LiberalFighter]

12. Were the attorneys for Sam Bankman-Fried complicit in obstructing justice and tampered with witnesses?

If so, they need to suffer the consequences too.

[BumRushDaShow]

13. I don't know about his lawyers

but he was originally confined to his parents' home while awaiting trial when the witness tampering went on, at least until the Judge had had enough and sent him to jail to await trial and sentencing. His parents were knee-deep in it.

[LiberalFighter]

14. Hopefully his parents are also prosecuted.

[BumRushDaShow]

15. They wre being investigated

and I think one of his siblings, but they were also sued - https://www.npr.org/2023/10/02/1200764160/sam-bankman-fried-sbf-parents-ftx-crypto-collapse-trial-stanford-law-school

[Aussie105]

16. "It haunts me every day," he said in his statement.

The 'haunting' comes from the fact that he got caught.

Once again, an immature man-child overestimating his brilliance was encouraged by his followers to go way beyond what is reasonable or legal.
And found a large herd of rubes to fleece.

Sound familiar?