Former FTX boss Sam Bankman-Fried embezzled $8 billion of FTX customer funds from its founding in 2019 until its bankruptcy in 2022.
The founder of the cryptocurrency platform FTX, Sam Bankman-Fried, was sentenced Thursday to 25 years in prison for embezzling $8 billion in FTX customer funds from its creation in 2019 until its bankruptcy in 2022.
This conviction marks the final chapter in the descent into hell of this cryptocurrency guru, a major donor to the Democratic Party. The 32-year-old former billionaire, who faced up to 115 years in prison, was found guilty last November of seven counts of fraud and conspiracy brought against him.
“He knew it was criminal. He regrets having made a very bad bet on the probability of getting caught. But he is not going to admit anything, as is his right,” declared American judge Lewis Kaplan this Thursday March 28.
“Customers suffered”
“The customers suffered… I didn’t want to minimize that at all. I didn’t mention it enough during the trial. I’m sorry for that,” SBF admitted for its part.
“Sam was not a ruthless financial serial killer who sought to harm people every morning,” said his lawyer, Mark Mukasey, who had requested a six-year prison sentence for his client.
Sam Bankman-Fried had pleaded not guilty to all charges against him. He admitted inadequate risk management but denied stealing funds. The prosecution had requested a prison sentence of 40 to 50 years in what it considered to be one of the biggest financial scandals in the history of the United States. Sam Bankman-Fried was accused of embezzling billions of dollars through a scheme using FTX client funds to repay debts and make investments.
Source: https://www.bfmtv.com/crypto/le-fondateur-de-ftx-sam-bankman-fried-condamne-a-25-ans-de-prison-pour-fraude_AV-202403280687.html
