Crypto crook’s jail sentence after $12bn fraud

Sam Bankman-Fried, who built a crypto empire worth billions, has been handed a massive jail sentence after he defrauded his customers.

The truth, the judge said, that while Bankman-Fried has apologised for the losses customers incurred, he never said a word of “remorse for his terrible crime”.Federal prosecutors has pushed for a 40 – 50 years sentence. But even though that wasn’t achieved, Bankman-Fried won’t be out of jail until his late fifties.Dressed in light brown prison garb in court, the one-time whiz kid said he had not made “selfish decisions,” but rather “bad decisions”.

He was ordered to pay back $A16.88 billion – $12.3bn to customers, $2.61bn to investors and $2bn lenders.During the hearing Bankman-Fried told the courtroom that he was “sorry about what happened at every stage”.At one point a Miami stadium was called the “FTX Arena”. Bankman-Fried’s defence team had asked for six years in prison, a sentence that would return him “promptly to a productive role in society,” said the legal team led by Marc Mukasey.

A graduate of the Massachusetts Institute of Technology and a billionaire before the age of 30, Bankman-Fried conquered the crypto world at breakneck speed, turning FTX, a small start-up he co-founded in 2019, into the world’s second largest exchange platform. This group included Caroline Ellison, the former Alameda CEO and Bankman-Fried’s on-and-off-again girlfriend, who testified that Alameda had stolen “around $US14 billion ” from FTX clients and that Bankman-Fried “directed me to commit those crimes.”

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