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25 years in prison: Why is Sam Bankman-Fried such a dangerous man?
Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky
Cryptocurrency mogul Sam Bankman-Fried was found guilty of charges including financial fraud, money laundering, and falsification. He was given a 25-year prison sentence.
Bankman-Fried run one of the world’s most popular and engaging cryptocurrency platforms, FTX which saw many users exchanging digital currency.
In November 2023, 32-year-old Bankman-Fried was convicted by US authorities of fraud and conspiracy.
U.S. District Judge Lewis A. Kaplan sentenced Bankman-Fried to jail on Thursday in a Manhattan courtroom following his conviction for the financial offences.
Judge Kaplan quoted by AP News said, “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. For the purpose of disabling him to the extent that can appropriately be done for a significant period of time.”
In addition, the judge ordered the founder of FTX to forfeit approximately $11 billion, which was money that belonged to lenders, consumers, and investors. Kaplan also advised Bankman-Fried to serve his time in a medium-security prison or less near the San Francisco area.
Kaplan explained that this was because the cryptocurrency entrepreneur is unlikely to pose a physical threat to other inmates or prison staff.
Bankman-Fried, who has autism and often shows social awkwardness, ahead of his sentencing in a US Court apologized saying “I am sorry”.
Meanwhile, Prosecutors had earlier recommended that Bankman-Fried serve a prison sentence of 40 to 50 years.
“The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence,” prosecutors said in a court filing.
