Sam Bankman-Fried Sentenced to 25 Years for FTX Crypto Fraud
“There is a risk that this man will be in a position to do something very bad in the future.”
Sam Bankman-Fried received a 25-year prison sentence for fraud connected to his crypto company FTX.
Bankman-Fried faced accusations of stealing billions from customers and defrauding investors and lenders to Alameda Research, his crypto investment firm.
A jury found Bankman-Fried guilty on all seven charges:
Count one: Wire fraud on customers of FTX
Count two: Conspiracy to commit wire fraud on customers of FTX
Count three: Wire fraud on Alameda Research lenders
Count four: Conspiracy to commit wire fraud on lenders to Alameda Research
Count five: Conspiracy to commit securities fraud on investors in FTX
Count six: Conspiracy to commit commodities fraud on customers of FTX
Count seven: Conspiracy to commit money laundering
Prosecutors wanted a 40 to 50-year sentence for him.
U.S. District Judge Lewis Kaplan also handed Bankman-Fried over “$11 billion in financial penalties.”
Kaplan observed, “There is a risk that this man will be in a position to do something very bad in the future.”
Kaplan added that “it’s not a trivial risk at all.”
Bankman-Fried told the court he felt sorry “about what happened at every stage.” He acknowledged he “failed” everyone in his life.
But Bankman-Fried never admitted to any crime. His lack of remorse affected the judge and the prosecutor’s decision to impose the sentence.
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Comments
I think Bernie Madoff got 150 years….
Didn’t two Michigan parents just get convicted because their kid did a school shooting?
Why don’t the prosecutors go after Sam’s parents the same way? With all the things he gave them it would seem that they could prove Sam’s parents had some inkling of what he was doing.
From the reports of their appearances at the sentencing, they might be worried about the same thing.
Both university professors? I don’t see how they could not know something was up but then again few really understand crypto.
Sam isn’t a minor and technically under their control
Bernie wasn’t donating any of his gains to the demonrats. Why weren’t the parents indicted? They were giving him legal advice. Just sayin FJB
Enrique Tarrio got 22 years for text messages
He’ll be out in 10
Maybe. On the other hand a group of scammed investors might pay someone inside to shank him. That was a lot of people who lost a ton of money so odds are one or more are at least thinking about how to do it.
That’s a horrible, terrible, no good, very bad idea. However…
I ain’t endorsing this punk getting shanked but anyone who doesn’t believe at least a few of his defrauded investors haven’t contemplated this are sadly ignorant of basic human nature.
A little over 21 actually. Fed time is different.
Oh mamas, don’t hyphenate your babies.
Soy-Cuck
Traitor Joe to pardon him in 3 . . . 2 . . . 1 . . .
Not a chance. That they’re putting him away means he’s completely disposable.
Give it some time to marinate. Problem arises if Biden loses the election: Action needed instanter. Parents can make substantial contribution to Hunter’s business ….
Take it to the Bank (man-Fried, heh puns are fun).
Biden is going to pardon him immediately after the election.
He gave too much money to too many Democrat campaigns for him to stay in jail for any period of time.
The same zero ethical standards that would cause Biden not to care what this man did would also cause him not to care that he is spending time in prison now that he is completely useless to everyone.
So you admit that Biden is going to win the election? Is that what you tell your Trump supporters?
Lame Duck?
You must be smoking some very bad weed
So you admit that your side is planning to rig the election?
Fat, drunk and stupid is no way to go through life, son.
I differentiate between winning the election and being elected. He who counts the votes, etc.
Should’ve gotten life without parole. We better hope that Biden doesn’t “win”…
Now do the parents.
25 years. Ok. He’ll be out in less than 5 for a gig on msnbc. Cause that’s how we roll in this wicked society.
Fried swindled $8 billion, and donated $100 million to various politicians, and/or pacs. Have any of these people surrendered that money to justice for restitution? Name names. Who got these donations?
That’s a good point having the beneficiaries of his crime give the money back. If I receive stolen property and am caught I don’t get to claim ignorance and keep the stuff.
Not true with money.
If somebody robs a bank, buys a car with that money, then a few months later they catch the guy, they can’t go back to the car dealership and demand they give the money back.
Same thing with Bernie Madoff. They couldn’t go to the company that sold him his yacht and demand money back.
As long as the merchant had no reason to suspect it was stolen, they can’t be held liable.
True. But the Bankruptcy Trustee (Picard?) clawed back money from many of Madoff’s investors who made more than they put in.
I hope that is the approach that is taken here.
Most if not all the names are already out. They are available not only from FEC required disclosures but some of the more diligent reporting listed the recipients. A very few politicians gave it back once the bankruptcy CT set up new management under the receiver. Others ‘donated’ the amount received to a charity. Most didn’t diddly squat. IMO, all of it should be clawed back for distribution by the receiver to those defrauded.
Not nearly enough.
I think the sentencing judge is the same butthead handling the E. Jean Carroll case. In that instance, we can see why the sentence was so lenient. Sammy-boy should have received at least 50 years.
I think he must do 85% in the fed system. That would be 21.25 years.
Seems an awfully short sentence. Then again, B-F seems kind of lonely without his co-conspirators, beneficiaries, and concealers up there with him. Wonder if those are related?
Fraud is in the eye of the beholder.
— AF_Chief_Master_Sgt
https://legalinsurrection.com/2024/03/appeals-court-blocks-trumps-464-million-bond-if-he-posts-175-million-in-10-days/comment-page-1/#comment-1508636
My apologies. I couldn’t resist.
Except no-one complained, the banks are sophisticated enough to knew what they are doing and no-one lost any money. Just a slight difference.
My apologies. I couldn’t resist.
And in both cases the government beheld fraud. And had the hard evidence to back it up.
Apparently, the courts told you to go fuck yourself. He still gets to appeal, he just doesn’t have to pay such an unconscionable amount to do so.
Lick my crusty ass bitch.
The disgorgement was not reduced at all — THAT would have been a major loss. A bond is not necessary to appeal. The bond is to prevent enforcement of the disgorgement until the appeal concludes. A minor loss from a legal standpoint.
The appeals court was probably worried that the original bond might have forced Trump out of politics giving us a chance to jettison him and his family and associates in favor of worthwhile candidates. This way Trump stays in, has another I-am-a-victim story to tell the gullible, and continues to degrade the GOP below its’ already low standards.
PS: You should examine your personal hygiene habits.
PPS: I am impressed that you are flexible enough to lick yourself.
BTW I intended it to be taken as humor.
I know. There is still no evidence of fraud on Trump’s part just a disagreement between that Real Estate Genius DA, Trump and the Large International Banks with a division that specializes in commercial real estate about valuations
Oops. I didn’t realize you were playing along with the humor. Guess it’s my funny bone that’s broken.
I didn’t.
You didn’t realize I was being humorous, you didn’t think it was amusing to imply that SBF didn’t commit fraud, or you were serious when you posted that?