U.S. District Judge Lewis Kaplan handed down the sentence at a hearing in Manhattan court after rejecting Bankman-Fried’s claim that FTX clients did not actually lose money and accusing her of lying during trial testimony. A jury found Bankman-Fried, 32, guilty on Nov. 2 of seven counts of fraud and conspiracy in the 2022 collapse of FTX, which prosecutors called one of the largest financial frauds in history. US history.
Bankman-Fried acknowledged during her 20-minute remarks to the judge that FTX customers had suffered and apologized to her former FTX colleagues.
The sentence marked the culmination of Bankman-Fried’s downfall from ultra-wealthy entrepreneur and major political donor. Bankman-Fried has vowed to appeal his conviction and sentence.
The judge said he found that FTX customers lost $8 billion, that FTX stock investors lost $1.7 billion and that lenders to hedge fund Alameda Research founded by Bankman-Fried lost $1.3 billion. USD.
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Tags: Crypto king sentenced years prison FTX fraud judge Sam BankmanFried minicriminal remorse terrible crimes
