Bankman-Fried sentenced to 25 years for FTX fraud - SABC News - Breaking news, special reports, world,

Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX crypto-currency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall.

“He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”He was led out of the courtroom by members of the US Marshals Service when the hearing ended. “The defendant’s assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative,” Kaplan said.

Addressing the judge, Bankman-Fried said, “Customers have been suffering… I didn’t at all mean to minimize that. I also think that’s something that was missing from what I’ve said over the course of this process, and I’m sorry for that.” During the hearing, Mukasey sought to distance his client from notorious fraudsters like Bernie Madoff.

His parents, Stanford University law professors Joseph Bankman and Barbara Fried, attended the sentencing.

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