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

On March 28, 2024, Sam Bankman-Fried was officially sentenced by Judge Lewis Kaplan to a prison term of up to 25 years for 7 different charges.

Azcnews Breaking

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

Sam Bankman Fried
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.

5.0/5

(5 votes)
  1. Avatar of Ayinke Ibrahim
    Ayinke Ibrahim

    This is serious

  2. Avatar of Onyeji Mathew Chibuike
    Onyeji Mathew Chibuike

    Why the verdick at this point in time?

    • Avatar of
      Anonymous

      good luck Sam. Heavy sentence. Why did you do that ? best wishes

  3. Avatar of Onyeji Mathew Chibuike
    Onyeji Mathew Chibuike

    Can this be real? Just asking though

  4. Avatar of Zman
    Zman

    Oh my gosh this guy is dead

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Cosmos Atom Information About Atom Token

Altcoin | Editor Choice | News | Research

What is Cosmos ATOM? Information about ATOM Token

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

Important Update About Dogs Airdrop On Telegram

Airdrops | Editor Choice | News

Important Update about Dogs Airdrop on Telegram

DOGS on Telegram has announced important updates about their DOGS token distribution plan and the addition of a new "check-in" feature.

Azcnews Binance Delists Multiple Trading Pairs On Platform

News | Editor Choice | Policy & Regulations

Binance Delists Multiple Trading Pairs on Platform

Binance will delist specific spot trading pairs on July 26, 2024. The AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC pairs will no longer be available for trading.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

News | Altcoin | Editor Choice

AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Azcnews Large Inflows Into Ether Etfs On First Day Of Trading

News | Altcoin | Editor Choice

Large Inflows into Ether ETFs on First Day of Trading

Bloomberg ETF analyst Eric Balchunas described the $625 million trading volume, excluding Grayscale's ETHE, as "healthy" and anticipated that a "significant portion" of this amount would translate into inflows.