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Sam Bankman-Fried is dispensing crypto investment tips to Brooklyn prison guards: NYT
Business Insider
·
1y ago
Medial
According to The New York Times, Sam Bankman-Fried, the founder of FTX, is reportedly offering cryptocurrency investment advice and promoting investments in Solana to prison guards while incarcerated at Brooklyn's Metropolitan Detention Center. Bankman-Fried is facing up to 110 years in prison after being found guilty of fraud and conspiracy. His parents have written letters to the court pleading for leniency, citing concerns for his life and well-being in a typical prison environment. Bankman-Fried's attorney is advocating for a shorter sentence of five to six-and-a-half years.
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A crypto influencer has posted what she says is the first photo of Sam Bankman-Fried hanging out with his fellow inmates
Business Insider
·
1y ago
Medial
A photo obtained by crypto influencer Tiffany Fong shows FTX founder Sam Bankman-Fried looking scruffy in prison. Fong received the photo from a former inmate named G Lock, who was imprisoned with Bankman-Fried. The photo, taken on December 17, 2023, depicts a disheveled Bankman-Fried standing beside G Lock. Fong noted that he appeared to have lost weight and wasn't as clean-shaven as before. Bankman-Fried has been at Brooklyn's Metropolitan Detention Center since August, facing charges of fraud and conspiracy. He could potentially be sentenced to up to 110 years in prison.
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Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors
Economic Times
·
1y ago
Medial
Former crypto mogul Sam Bankman-Fried faces potential decades in prison for his involvement in the collapse of FTX. Bankman-Fried was convicted of fraud and conspiracy and was found to have illegally used money from FTX depositors for personal expenses. Prosecutors are recommending a prison sentence of 40 to 50 years. Bankman-Fried's attorneys argue for leniency, claiming he is unlikely to reoffend and that FTX investors have largely recovered their funds. The collapse of cryptocurrency prices in 2022 took a toll on FTX, leading to its downfall. Three others connected to Bankman-Fried pleaded guilty and testified against him.
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Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case
Livemint
·
1y ago
Medial
Sam Bankman-Fried, the former crypto king and founder of FTX, is facing sentencing in a New York federal court for crimes related to the collapse of his crypto exchange. He was found guilty of stealing billions of dollars from FTX customers and defrauding investors and lenders. Prosecutors have asked for a 40 to 50 year prison sentence, while Bankman-Fried's lawyers argue for no more than six years. The sentencing marks the downfall of Bankman-Fried, who was once hailed as a brilliant and philanthropic figure in the crypto world.
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Sam Bankman-Fried sentenced to 25 years for FTX fraud
The Verge
·
1y ago
Medial
FTX co-founder Sam Bankman-Fried has been sentenced to 25 years in prison for conspiracy and fraud charges related to the collapse of the crypto exchange. The judge ordered Bankman-Fried to forfeit over $11 billion. The sentence is shorter than what prosecutors requested but longer than what the defense asked for. During the trial, it was revealed that Bankman-Fried knew about the risks and misused customer funds. The judge also found him guilty of tampering with witnesses and providing false testimony. Bankman-Fried, who has been in custody since violating his bail conditions, is said to be having a difficult time in jail.
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FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison
Wired
·
1y ago
Medial
Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, has been sentenced to 25 years in prison by a US federal judge in the Southern District of New York. Bankman-Fried was found guilty of seven counts of fraud and conspiracy in connection with the collapse of FTX. The exchange ran out of funds in November 2022, and it was discovered that Bankman-Fried had orchestrated an elaborate fraud scheme, diverting billions of dollars of user funds for personal use. The US government described it as "one of the largest financial frauds in history." Bankman-Fried's sentence marks a significant downfall from his previous success as a self-made billionaire and philanthropist in the crypto industry.
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Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence
Economic Times
·
1y ago
Medial
Sam Bankman-Fried is appealing his conviction and 25-year prison sentence for stealing $8 billion from customers of FTX cryptocurrency exchange. The appeal will be made to the 2nd US Circuit Court of Appeals. Bankman-Fried, once a billionaire crypto entrepreneur, was convicted in November on seven counts of fraud and conspiracy. His appeal could take years, and his lawyers will need to argue that significant errors were made during the trial. Bankman-Fried's downfall came when FTX declared bankruptcy after customers panicked over reports of misappropriated assets.
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Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors say
Economic Times
·
1y ago
Medial
Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, has been convicted of stealing $8 billion from customers and could face up to 50 years in prison, according to prosecutors. The case highlights his greed, ambition, and repeated risk-taking with other people's money. Despite the conviction, Bankman-Fried remains defiant, refusing to admit any wrongdoing. His lawyers argue for a shorter prison term and claim that FTX clients will be compensated. Bankman-Fried is scheduled to be sentenced in March and plans to appeal the conviction and sentence.
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Sam Bankman-Fried gets 25 years in prison for fraud and money-laundering at FTX
TechCrunch
·
1y ago
Medial
Former FTX CEO, Sam Bankman-Fried, has been sentenced to 25 years in prison after being found guilty on all seven counts of fraud and money laundering. Prosecutors had called for a 40 to 50-year sentence, citing the scale of the fraud, which involved at least $10 billion in losses. Bankman-Fried's collapse in November 2022 led to the downfall of FTX, once one of the biggest crypto exchanges. The sentencing could send a message to the crypto industry, with the court considering the need for adequate deterrence. Bankman-Fried will not be eligible for parole, but may receive a reduction in his sentence for good behavior.
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Fourth top FTX executive pleads guilty ahead of Sam Bankman-Fried trial
Economic Times
·
1y ago
Medial
Ryan Salame, a former top executive at cryptocurrency exchange FTX, has pleaded guilty to criminal charges related to a fraud case against FTX's founder, Sam Bankman-Fried. Salame admitted to making millions in political contributions at Bankman-Fried's direction, labeling them as loans from FTX's sister company, crypto hedge fund Alameda Research. He will pay a $6 million fine, over $5 million in restitution to FTX, forfeit two properties, and could face up to 10 years in federal prison. Salame is the fourth executive in Bankman-Fried's circle to admit to criminal conduct, putting pressure on Bankman-Fried ahead of his trial next month.
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Sam Bankman-Fried lives 'life of delusion,' new FTX CEO says as sentencing looms
Economic Times
·
1y ago
Medial
Sam Bankman-Fried's successor as CEO of FTX, John Ray, has dismissed Bankman-Fried's claims that customers may recover funds, stating that it does not mean he did not steal. Bankman-Fried was convicted of stealing $8 billion from FTX customers. Ray filed a statement in court stating that customers will recover some losses due to the bankruptcy estate's efforts, not because Bankman-Fried did not steal. Bankman-Fried is scheduled to be sentenced on March 28, with prosecutors seeking a 40- to 50-year prison term. Defense lawyers believe a lesser sentence is appropriate.
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