Sam Bankman-Fried, the co-founder of the now-bankrupt crypto exchange FTX, has been sentenced to 25 years in prison. Last year, he was found guilty of fraud and conspiracy by a jury in a New York court. Bankman-Fried faced a total of seven counts and was convicted on all of them.
At the time it was reported he could face up to 115 years in prison. However, the 32-year-old was given a much lighter sentence.
In the days leading up to the collapse of FTX, Bankman-Fried stole billions from customers. He termed his actions as a “series of bad decisions”. He went on to tell the court that his decisions haunt him daily. Nevertheless, he did not take direct responsibility for FTX collapse that saw many people lose money.
“They’ve been failed by more people than I can count,” he said, speaking of the exchange’s customers. “It’s been excruciating to watch.”, Bankman-Fried told the court.
In his ruling, Judge Lewis Kaplan said, Bankman-Friend had expressed “never a word of remorse for the commission of terrible crimes“. However, the Judge was lenient on the former billionaire recommending he should not be sent to a maximum-security prison. The judge deemed Bankman-Fried does not pose a threat of violence. In addition, Bankman-Fried is autistic and well known. This may make him “unusually vulnerable” in prison, Judge Kaplan said.
The FTX founder parents, Barbara Fried and Joseph Bankman, have been supportive through his entire legal battle. The parents have attended all sessions of the trial. Judge Kaplan recommended Bankman-Fried should be held at a prison as close to the San Francisco Bay Area as possible. This is to make it easier for his family to pay him visits.
After the ruling was passed, Sam Bankman-Fried was quickly led out of the courtroom.
