Sam Bankman-Fried, co-founder and former CEO of the cryptocurrency exchange FTX, was sentenced to 25 on Monday. Years of imprisonment.
The hearing ends months of sanctions proceedings that began after the Justice Department successfully argued in court that the one-time crypto wunderkind used FTX as a personal piggy bank.
Bankman-fried Siphon More than $8 billion in customer funds to support the moon's revival Venture investmentspaid sponsorship with famous athletes Tom Bradyand A A luxurious lifestyle In the Bahamas, among other expenses.
In early November, it took less than five hours for the jury to find Banman-Fried Guilty He was charged with seven counts of fraud, money laundering and conspiracy—which carries a possible 110 years in prison.
Banman-Fried then fired the defense attorneys who had led the defense during the trial, and weeks later, the government dropped the case. Second planned test In his first non-filing case against Bankman Freed. His new defense team and the Justice Department filed opposing briefs for Kaplan, arguing for very different sentences for the accused crypto criminal.
The former CEO's lawyers wrote that a “decade-long sentence would take away Sam's ability to lead a meaningful life and contribute to society's most disadvantaged people.” Instead of a hundred years in prison, they called it a term.grotesqueThey suggested that the sentence be reduced to five to seven years.
On the contrary, the government defended He asked for a sentence of 40 to 50 years in prison and a sentence that Kaplan said would “reveal the harm to thousands of victims to be incredibly severe.” prevents the defendant from committing fraud again; And it sends a powerful signal to others tempted to commit financial crimes.
Edited by Andrew Hayward.
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