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In a landmark decision that shook the financial world, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for his role in fraud: Massive financial fraud. U.S. District Judge Lewis Kaplan’s decision closed the case that exposed one of the largest financial frauds in history.
Although prosecutors demanded a longer sentence from 40 to 50 years, Judge Kaplan’s sentence was far beyond what the defense wanted and was below what they wanted. The request was prevented from being increased from five to six and a half years. In addition to the prison sentence, Bankman-Fried was also ordered to fine the US government $11 billion.
During the hearing, Judge Kaplan expressed serious concerns about the possibility of the Bankman-Fried partnership continuing. Future misconduct in terms of the seriousness of the offense. He criticized Bankman-Fried’s lack of remorse and evasion when testifying in court, stating that her performance was unprecedented in her four-year judicial career.
Once hailed as a visionary in the cryptocurrency world, Bankman-Fried said in his confession in court that he admitted the pain and disappointment caused by the victims being deceived. However, it did not accept full responsibility, blaming the loss on “product damage” or “mismanagement” rather than fraud.
The decision took the statements of the victims, including Sunil Kavuri, who shared the devastating impact on his life and the lives of thousands of people who were deceived. Manhattan U.S. Attorney Damian Williams called Bankmanfried’s behavior an affront to the law and his clients’ trust in one of the largest financial frauds in history.
In the statement made after the decision, Attorney General Merrick Garland claimed that he supported the law and warned against the use of money and authority to hide financial crimes. Bankman-Fried’s family expressed sadness at the verdict and vowed to continue fighting for their son’s innocence.
Bankman-Fried plans to appeal his conviction and sentence, arguing that the legal battle over the FTX scam is far from over. Come here. Meanwhile, three others involved in the scheme await the verdict, which shows the far-reaching impact of the cryptocurrency scandal.