Prosecutors had sought a sentence of as much as 50 years while Bankman-Fried’s lawyers had asked for just six and a half years.
FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers, marking the final chapter in a case that has upended the crypto industry.
While there is no parole in the federal system, he could be released a few years early for good behaviour. Bankman-Fried, in a tan prison jumpsuit with his hair grown back out in contrast to a short cut at trial, stood with his hands clasped in front of him as the judge read out the sentence. He didn’t react and kept his gaze low.
While Bankman-Fried has already signalled his intention to appeal his conviction, he also has a right to challenge the sentence. While prosecutors compared Bankman-Fried to Bernie Madoff who was sentenced to 150 years for a massive Ponzi scheme, his sentence is more in line with the prison term that former Enron Corp. CEO Jeffrey Skilling received for accounting fraud.“While less than the prosecutors’ request for 40 to 50 years, it is a very significant sentence,” said Mark Bini, a former federal prosecutor who is now a lawyer at Reed Smith.
Bankman-Fried was always socially uncomfortable, and once wrote in a journal of being unable to feel happiness or pleasure, Mukasey said.“We are heartbroken and will continue to fight for our son,” Bankman-Fried’s parents said in a statement after the sentencing.
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