Sam Bankman-Fried Sentenced to 25 Years in Prison for 7 Charges

Previously, after a trial lasting over a month at the end of last year, Sam Bankman-Fried (SBF), the key figure behind the collapse of the cryptocurrency exchange FTX in November 2022, was convicted on all 7 charges brought against him.

The prosecution had recommended a sentence of 40 to 50 years for Bankman-Fried, along with a fine of $11 billion, while defense attorneys argued that a sentence of 63-78 months would be “fairer.” Since then, SBF has been held in pretrial detention at the MDC prison in New York City, awaiting the official sentencing date.

Yesterday, at 13:30 UTC on March 28, 2024, Sam Bankman-Fried once again appeared in court in Manhattan (USA) to receive the final verdict for the various charges and conspiracies related to the collapse of FTX.

According to reports from lawyer Matthew Russell Lee, the crowded courtroom attendees included the jury, prosecutors, Assistant U.S. Attorneys, witness Sunil Kavuri, and SBF’s lawyers Mark Mukasey and Torrey Young. Sam Bankman-Fried was escorted into court in the light brown uniform of the Metropolitan Detention Center in Brooklyn (MDC).

Related: Sam Bankman-Fried’s Request to Postpone Sentencing was Denied

The verdict for Sam Bankman-Fried

After hearing arguments from all parties and considering the factors set forth in Section 3553 of the law, Judge Kaplan concurred with the characterizations of Sam Bankman-Fried’s background. SBF is also a privileged citizen, raised by loving parents and enjoying numerous advantages.

Judge Kaplan noted that the Bureau of Prisons recommended a sentence of 105 years, while the government sought 40-50 years. However, those sentences are higher than necessary. The punishment must be commensurate with the seriousness of the crimes and also perceived as fair.

Therefore, United States District Judge Lewis Kaplan sentenced Sam Bankman-Fried to 25 years in prison for 7 serious charges of defrauding billions of dollars.

Gary Wang, Caroline Ellison, Nishad Singh, and Ryan Salame – four other individuals associated with FTX and Alameda Research indicted in the case with SBF – pleaded guilty and accepted plea deals.

Salame, former COO of FTX Digital Markets, was the only one of the four who did not testify at Bankman-Fried’s criminal trial. However, he may be the next to stand trial to hear his sentence on May 1, 2024.