Sam Bankman-Fried, the founder of FTX, will be gone for a long time after a judge sentenced him to 25 years in prison for defrauding consumers and investors in a federal cryptocurrency case.
Judge Lewis Kaplan issued the heavy punishment Thursday in Manhattan, and while he did not impose reparations owing to the enormous number of victims affected by SBF’s business, he did order a forfeiture of more than $11 billion.
Judge Kaplan explained the lengthy sentence and punishment, saying, “This man will be in a position to do something very bad in the future, and it’s not a trivial risk.”
The sentencing comes four months after Sam was found guilty of seven counts of fraud, money laundering, and conspiracy.
Remember that SBF was accused of taking billions of dollars in FTX client deposits for personal use.
The judge recommended that Sam be sent to a medium-security or lower-security jail near San Francisco so that his family may pay him visits behind bars.
So, good/bad news for Sam.
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