Former Crypto Mogul, Bankman-Fried Receives 25-Year Prison Term, Ordered To Pay $11 Billion
The once-celebrated cryptocurrency prodigy, Sam Bankman-Fried, was handed a 25-year prison sentence on Thursday.
This sentence marks a remarkable fall from grace for a figure who appeared destined to guide an emerging sector less than two years ago.
US District Judge, Lewis Kaplan observed that the defendant, referred to as “SBF,” exhibited no genuine remorse, even in his final pre-sentencing comments, where the former billionaire expressed regret over “a series of bad decisions” without acknowledging any deliberate violation of financial laws.
Kaplan highlighted Bankman-Fried’s acknowledgement that “mistakes were made,” noting a noticeable absence of remorse for the commission of a significant crime while characterizing the violations as “brazen” and censuring the defendant for their “remarkable flexibility” with the truth.
Kaplan issued a ruling sentencing the defendant to 25 years in prison, with an additional three years of supervised release.
Kaplan mandated that the defendant pay $11 billion, an amount determined by Bankman-Fried’s calculated theft from other parties.
The sentencing on Thursday came after Bankman-Fried’s conviction by a federal jury in New York in November 2023.
Bankman-Fried, known for appearing on the covers of financial magazines and funding extravagant Super Bowl television ads in 2022, was the subject of the verdict.
Despite the government’s original request for 40-50 years, the Justice Department commended the outcome, although the sentence was shorter.
US federal prosecutor Damian Williams said, “Today’s sentence… is an important message to others who might be tempted to engage in financial crimes that justice will be swift, and the consequences will be severe.“
Bankman-Fried’s parents, Stanford law professors Joseph Bankman and Barbara Fried, said, “We are heartbroken and will continue to fight for our son.”
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