Fallen 'Crypto King' Sam Bankman-Fried gets for 25 years for fraud

[Social Media]

 

In a stunning turn of events, Sam Bankman-Fried, the once high-flying co-founder of the now-defunct crypto exchange FTX, has been handed a hefty 25-year prison sentence for defrauding customers and investors of his collapsed firm. The ruling marks a dramatic downfall for the former billionaire, who was once hailed as a prominent figure in the crypto world before his empire crumbled in 2022.

 

 

Bankman-Fried, now 32, stood trial in New York and was convicted on multiple charges, including wire fraud and conspiracy to commit money laundering. The trial revealed a web of deceit in which Bankman-Fried siphoned off billions of dollars from unsuspecting customers, diverting funds for personal gain, including property purchases, political donations, and other investments.

 

 

In a somber courtroom appearance, Bankman-Fried expressed remorse for the harm caused, acknowledging that many felt let down by his actions. However, the presiding judge, Lewis Kaplan, delivered a scathing rebuke, denouncing Bankman-Fried's deception and lack of genuine remorse. Despite pleas for leniency from his defense team, the judge emphasized the severity of Bankman-Fried's crimes and the need for a punishment commensurate with the harm inflicted.

 

While the 25-year sentence falls short of the prosecution's request for a lengthier term, it nonetheless represents a significant blow to Bankman-Fried and serves as a stark warning to others in the industry. Moreover, Bankman-Fried was ordered to forfeit a staggering $11 billion in assets, a portion of which has already been seized by the government.

 

The case has sent shockwaves through the crypto community, prompting soul-searching and calls for greater accountability. Bankman-Fried's downfall serves as a cautionary tale, underscoring the importance of transparency and ethical conduct in the burgeoning crypto market.

 

As Bankman-Fried begins his lengthy prison term, the crypto industry faces renewed scrutiny and calls for regulatory reform. While the sentence may provide some measure of closure for victims, it also highlights the challenges of regulating a rapidly evolving and often opaque sector.

 

In the aftermath of Bankman-Fried's conviction, the crypto landscape stands at a crossroads, grappling with questions of accountability, transparency, and investor protection. As authorities crack down on fraud and misconduct, the industry must reckon with its shortcomings and strive to uphold the highest standards of integrity and trust. Only then can it fulfill its promise as a transformative force in the global economy.

 

29.03.24

Source

 

[Tug]

Best be careful with other people’s money ehh?personally I think he got off light due to the amounts involved and the harm done…..not to mention the disparity between his sentence and some without funds robs a bank

[impulse]

I wonder if the Dems and the lefties who received the $$ millions in stolen money will be returning their donations to the rightful owners?

 

Betcha they'd have given him the electric chair had he donated to the Bad Orange Man instead.  And then they'd have indicted Trump as a co-conspirator...

 

Edited March 29 by impulse

[Digitalbanana]

Tom Sosnof of Tastytrade put it best:

 

Last week, the FTX saga mercifully came to an end. Sam Bankman-Fried was finally sentenced. At last, MIT fundraisers can rejoice. Hopefully, aside from the obligatory 60 Minutes prison interview and the Michael Lewis made-for-TV movie, we never have to hear or read about SBF again. But was justice served? SBF for sure doesn’t think he’s done. Also, he probably still believes he didn’t do anything wrong. I am convinced he saw himself as a modern day Robinhood and believed his altruism would protect him from any wrongdoing. Nothing could be further from the truth. SBF’s thievery and the criminality of his organization emboldened the SEC and other regulatory bodies to essentially shut down trading in all but a few of the largest cryptocurrencies. This ultimately cost self-directed investors hundreds of billions of dollars in capital appreciation. It also set the financial industry back by killing start-up valuations, destroying the flow of new investment capital, stifling new tech innovation, and worst of all, limiting what products and strategies individual investors could use to participate in the digital asset marketplace. There is not a prison sentence long enough to compensate for all of the progress he erased.

[Dolf]

On 3/29/2024 at 10:25 AM, impulse said:

I wonder if the Dems and the lefties who received the $$ millions in stolen money will be returning their donations to the rightful owners?

 

Betcha they'd have given him the electric chair had he donated to the Bad Orange Man instead.  And then they'd have indicted Trump as a co-conspirator...

 

No the Democrats will keep it. Scum.

[Dolf]

4 minutes ago, Digitalbanana said:

Tom Sosnof of Tastytrade put it best:

 

Last week, the FTX saga mercifully came to an end. Sam Bankman-Fried was finally sentenced. At last, MIT fundraisers can rejoice. Hopefully, aside from the obligatory 60 Minutes prison interview and the Michael Lewis made-for-TV movie, we never have to hear or read about SBF again. But was justice served? SBF for sure doesn’t think he’s done. Also, he probably still believes he didn’t do anything wrong. I am convinced he saw himself as a modern day Robinhood and believed his altruism would protect him from any wrongdoing. Nothing could be further from the truth. SBF’s thievery and the criminality of his organization emboldened the SEC and other regulatory bodies to essentially shut down trading in all but a few of the largest cryptocurrencies. This ultimately cost self-directed investors hundreds of billions of dollars in capital appreciation. It also set the financial industry back by killing start-up valuations, destroying the flow of new investment capital, stifling new tech innovation, and worst of all, limiting what products and strategies individual investors could use to participate in the digital asset marketplace. There is not a prison sentence long enough to compensate for all of the progress he erased.

Thought he would get 50 years.

[gargamon]

At least with Madoff 90% of the “stolen“ funds were recovered. No chance of that with this crypto nonsense. 

[Yellowtail]

Hopefully they get his parents for helping...