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U.S. Attorney Damian Williams stated in an official announcement following Judge Lewis A. Kaplan’s ruling on Thursday morning that the 25-year prison sentence for FTX founder Sam Bankman-Fried will convey “an important message” to potential fraudsters everywhere.
In addition to the lengthy prison term, Kaplan has mandated that Bankman-Fried forfeit more than $11 billion.
A Message To Future Fraudsters, U.S. Attorney States
The sentencing of Bankman-Fried comes after his trial in November 2023, where he was found guilty of orchestrating a nearly $8 billion digital asset fraud scheme via the crypto exchange FTX and its affiliated firm, Alameda Research, with Williams describing the FTX founder’s theft as “unprecedented.”
Statement of U.S. Attorney Damian Williams on the sentencing of Samuel Bankman-Fried pic.twitter.com/QeSVxFBjol
— US Attorney SDNY (@SDNYnews) March 28, 2024
“Today’s sentence will ensure the defendant cannot commit fraud again and serves as a significant warning to others who may be tempted to partake in financial crimes that justice will be prompt, and the repercussions will be harsh,” Williams remarked.
Sam Bankman-Fried Expresses Regret
Appearing slightly thinner and dressed in a beige jumpsuit, Bankman-Fried addressed the court during the ruling, expressing remorse to colleagues, family, friends, and customers for the downfall of the crypto exchange.
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“I understand many people feel betrayed,” Bankman-Fried conveyed to the court. “I apologize for that. I regret everything that transpired at every stage.”
He further expressed that he experiences “excruciating guilt” regarding his involvement in the collapse of the crypto exchange, asserting that the repercussions it caused “haunt” him daily.
The FTX founder’s new attorney, Marc Mukasey, compared the fraudster to a “beautiful puzzle” who was “socially awkward.”
“SBF doesn’t make decisions with malice in his heart,” Mukasey stated. “He makes decisions with math in his head.”
SBF Driven By Power And Influence, U.S. Attorney Asserts
However, Kaplan did not agree with the defense’s reasoning, labeling their argument as “misleading, logically flawed, and speculative.”
“He was aware it was wrong,” Kaplan remarked. “He recognized it was criminal. He regrets making a poor gamble against the chances of being caught – and he’s not going to acknowledge anything.”
“His intentional and ongoing deceit displayed a blatant disregard for customers’ expectations and a lack of respect for the law, all to secretly utilize his customers’ funds to enhance his own power and influence,” Williams added. “The magnitude of his offenses is gauged not only by the sum of money stolen but also by the significant harm inflicted on victims, some of whom lost their life savings overnight.”
Bankman-Fried will serve his sentence in a medium-security prison. He is currently located at the Metropolitan Detention Center in Brooklyn, NY.
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