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Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud

via CNBC

Disgraced FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for fraud related to the collapse of the cryptocurrency exchange, far less than the potential 100 years he faced.

The judge said Bankman-Fried committed perjury and witness tampering, and sought political influence that led to his crimes.

“Sam Bankman-Fried stole over $8 billion in customer money, and I emphasize stole because it was not a liquidity crisis, or an active mismanagement, or poor oversight from the top. It was not a bloodless financial loss on paper,” prosecutor Nicolas Roos said.

Prosecutors argued he stole over $8 billion, while Bankman-Fried’s lawyer called him a “math nerd” who didn’t intend harm.

“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” stated Bankman-Fried’s attorney, Marc Mukasey.

“His real motivations were misapprehended and misunderstood. Really he’s an awkward math nerd…He loves video games and veganism, and he’s compassionate to animals,” he added.

Bankman-Fried apologized but the current FTX CEO issued a scathing statement saying his remorse was nonexistent.

Despite using customer funds for large Democratic donations as one of their biggest donors, the DOJ declined to prosecute Bankman-Fried over political activities.

“A lot of people feel really let down, and they were very let down, and I am sorry about that. I am sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have,” Bankman-Fried said.

The trial revealed details about Bankman-Fried’s relationships and lifestyle, as well as the company’s deception and mismanagement.

While receiving a lighter sentence than Bernie Madoff’s 150 years, Bankman-Fried still faces many years in prison over the FTX collapse.

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