Summary
TLDR: FTX founder Sam Bankman-Fried was sentenced to 25 years in prison, falling between prosecution’s 40-50 year recommendation and defense’s 6.5 year suggestion. Judge cited perjury and lack of remorse. Bankman-Fried’s team plans to appeal. He was convicted on fraud charges in November 2023. Current FTX CEO disputed claims of no losses for customers. Bankman-Fried has been held in poor conditions at Metropolitan Detention Center since bail revocation. Civil suits on hold until criminal proceedings conclude. No second trial for alleged campaign finance violations.
Key Points
1. FTX founder Sam Bankman-Fried was sentenced to 25 years in prison by a federal judge on Thursday in Manhattan.
2. The ruling falls between the prosecution’s proposed 40-50 year sentence and the defense’s recommendation of six and a half years. Bankman-Fried’s convictions carry a maximum sentence of 110 years.
3. Presiding judge Lewis Kaplan cited Bankman-Fried’s numerous instances of perjury while he testified at his trial this fall. The maximum sentence and the prosecutor’s recommendation were “substantially greater than necessary,” Kaplan said. He stressed that this is in no way to say that the crimes were not serious.