Samuel Bankman-Fried is in court on Thursday to be sentenced for running a massive crypto scam. SBF faces 110 years in prison. Follow along with MailOnline's live blog coverage of the sentencingSamuel Bankman-Fried will head to prison for 25 years for scamming crypto investors out of $8billion - despite his apologies and pleas for a lighter sentence.
Judge Lewis Kaplan was quick to bash Bankman-Fried during the hearing and noted the fraudster committed perjury multiple times during a trial that saw him convicted on all counts by a jury. Sam Bankman-Fried was sentenced to 25 years behind bars and ordered to forfeit $11billion for scamming FTX crypto exchange investors. Pictured: Bankman-Fried at court on Thursday, March 28, 2024Judge Lewis Kaplan was quick to bash Bankman-Fried during the hearing and noted the fraudster committed perjury multiple times during a trial that saw him convicted on all counts by a jury
‘People are on medication, recovering, mental health issues, depression and sadly at least three people I’ve heard of have committed suicide as a result of this FTX fraud.’ ‘The fact that a combination of successes in some of those investments, persistence by the current leadership of the FTX bankruptcy estate in clawing back stolen assets and fortuitous but radical run-up in the value of some crypto currencies might result in benefit to some creditors, it bears no logical reactions to the gravity of the crime that were committed.
Kaplan ruled Bankman-Fried’s sentence should be increased because of his efforts to obstruct justice. Judge Kaplan said: ‘He testified falsely that he first learned Alameda had a roughly $8bn liability to FTX in October 2022. Bankman-Fried addressed the court where as he pleaded for less than a decade behind bars. His comments lasted 20 minutes and veered between apologetic, self pitying and defiant.
Bankman-Fried went on to claim it was ‘excruciating to watch all of this unfold in slow motion’, referring to seeing customers not get their money back. Mukasey said in sentencing memos prosecutors pointed to ‘truly vile defendants’ like Bernie Madoff who ‘looked Holocaust survivors in the eye and took their money.’
'I think one of his pithier expressions was I fucked up but never a word of remorse for the commission of terrible crimes,' the judge said.
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