Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud

FTX founder Bankman-Fried jailed 25 years
FTX founder Sam Bankman-Fried (C) is led away handcuffed by officers of the Royal Bahamas Police Force at the Nassau, Bahamas, courthouse on December 19, 2022.

Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall.

US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.

Prosecutors had sought a sentence of between 40 to 50 years, arguing that Bankman-Fried, 32, showed a lack of remorse for his crimes while leading a life of “unmatched greed and hubris”.

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