Founder of FTX Sam Bankman-Fried has been gone for a long time… the judge gave him a 25 year sentence for cheating customers and investors in his federal cryptocurrency fraud case.
Judge Lewis Kaplan handed down the heavy sentence on Thursday in Manhattan, and although he did not order restitution – due to the large number of victims impacted by SBF’s business – the judge ordered the forfeiture of more than $11 billion.
Explaining the long sentence and fine, Judge Kaplan said… “This man will be in a position to do something very bad in the future, and it is not a trivial risk.”
The sentencing comes four months after Sam was found guilty of seven counts of fraud, money laundering and conspiracy.
Remember, SBF has been accused of taking billions of dollars in deposits from FTX customers for its own use.
The judge recommended that Sam be sent to a medium or low security prison near San Francisco so that the disgraced businessman’s family could visit him behind bars.
So, good news/bad news for Sam.
