Sam Bankman-Fried or SBF, the ex-CEO of FTX, has received a 25-year jail term for his involvement in the downfall of the crypto exchange.
Judge Lewis Kaplan rebuked the defense’s claims, highlighting Bankman-Fried’s obstruction of justice and interfering with witnesses as crucial elements in determining his punishment.
Bankman-Fried acknowledged remorse for his “selfish” choices and said that his errors continue to trouble him on a daily basis.
The defense attorneys had petitioned for a reduced term of 6½ years, however, Judge Kaplan favored the prosecution’ stance and opted for a more severe punishment.
The victims’ testimonials exposed profound financial and emotional suffering, and his 25-year sentence is one of the lengthiest for recent white-collar offenses.
FTX, formerly valued at more than $30 billion, had a collapse in 2022 with the discovery of a $8 billion misappropriation of client cash.
SBF’s defense contended that he was only “borrowing” monies for his investment business, nonetheless, the jury rendered a verdict of guilty on all charges. Critics and experts deemed Bankman-Fried’s defense weak, and his testimony failed to elicit compassion.
Two months ago, the parents of former FTX CEO Sam Bankman-Fried (SBF) have categorically denied any involvement in fraud or mismanagement within the FTX organization.
