That’s less than what Federal prosecutors wanted, as they had sought for a sentence of 40 to 50 years.
Sam Bankman-Fried, the disgraced founder of failed crypto exchange FTX, was sentenced to 25 years in federal prison on Thursday for defrauding investors.
Bankman-Fried’s sentence was shorter than the 40 to 50 years that federal prosecutors had sought, and shorter than the maximum penalty of 110 years, but higher than the 6.5 years requested by SBF’s defense lawyers.
“I was the CEO of FTX and I was responsible,” SBF said in court.
FTX and hedge fund Alameda Research crashed in November 2022, wiping out $8 billion in customer savings. He was convicted of seven counts of fraud, conspiracy and money laundering in a trial in 2023.
SBF faced a maximum possible sentence of 110 years in prison under federal sentencing guidelines.
FTX and Alameda executives charged in the same case, Gary Wang, Caroline Ellison, Nishad Singh and Ryan Salame, pleaded guilty and accepted deals.
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- ਸਰੋਤ: https://thedefiant.io/sam-bankman-fried-was-sentenced-to-25-years-in-prison
