2024

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 Sam Bankman-Fried, the former chief exec of FTX and owner of Alameda Research, has been sentenced to 25 years in prison today, according to reporting from Inner City Press.&nbsp;
 This sentence comes after a jury found him guilty of multiple felony offenses, including wire fraud, conspiracy to commit fraud, and money laundering conspiracy.
 Both <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> and <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> Research declared bankruptcy following the misappropriation of billions of dollars of funds by Bankman-Fried and his co-conspirators.&nbsp;
 Bankman-Fried’s defense has claimed that the losses from these collapsed firms should not be considered, stating that the bankruptcy was likely to have a full recovery. Current FTX CEO John J. Ray III said this was “categorically, callously, and demonstrably false.”&nbsp;
 Inner City Press reported that Judge Kaplan agreed with Ray’s characterization, claiming the defense’s argument was misleading.&nbsp;
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 Judge Kaplan: I reject the defense's argument about loss, both on the law and on the facts. The assertion that customers and creditors will be paid in full is misleading – defendants equate loss with dollar volume in the bankruptcy case— Inner City Press (@innercitypress) March 28, 2024
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 Read more: FTX CEO accuses Sam Bankman-Fried of ‘life of delusion’
 Bankman-Fried himself continued to maintain vario<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a> fictions, including suggesting he could have saved <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> and that there were enough assets. He even claimed that c<a rel="noopener noreferrer nofollow" title="US" href="https://thebittimes.com/tag/us.html">US</a>tomers will get paid “the current value of assets,” an assertion that the bankruptcy estate firmly disagrees with.&nbsp;
 Judge Kaplan concluded the trial by emphasizing that Bankman-Fried’s habit of lying and evasion was unique among his nearly 20 years on the bench.&nbsp;
 In the United States, the Sentencing Reform Act of 1984 means that inmates are required to serve a minimum of 85% of their sentence before they are eligible for release.&nbsp;
 Bankman-Fried’s team seemed to indicate that they intend to appeal.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sam-bankman-fried-sentenced-to-25-years-in-prison-tbt83827.html">https://thebittimes.com/sam-bankman-fried-sentenced-to-25-years-in-prison-tbt83827.html</a>

Sam Bankman-Fried sentenced to 25 years in prison

TheBitTimes

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