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Sam Bankman-Fried says 63-78 months should guide sentencing for FTX fraud
Economic Times
·
1y ago
Medial
Lawyers representing Sam Bankman-Fried, the founder of FTX, have proposed a sentence of 63 to 78 months for his conviction of stealing $8 billion from customers of his defunct cryptocurrency exchange. The recommendation was made during a hearing before a U.S. judge.
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Sam Bankman-Fried's lawyer says sentencing the FTX founder to a 100-year prison term would be 'grotesque' and 'barbaric'
Business Insider
·
1y ago
Medial
Sam Bankman-Fried's lawyer, Marc Mukasey, has criticized the probation office's recommendation of a 100-year prison sentence for his client, calling it "grotesque." Bankman-Fried, founder of FTX, was found guilty of fraud and conspiracy and faces up to 110 years in prison. Mukasey argues that the severity of the recommended sentence is unwarranted, suggesting a term of five to six-and-a-half years instead. He highlights Bankman-Fried's charitable works and commitment to others as factors that should be considered in sentencing. Bankman-Fried's sentencing is scheduled for March 28.
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FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud
Wired
·
1y ago
Medial
Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, has been found guilty of fraud by a jury in New York. He was convicted on all seven counts, including overseeing a multi-billion-dollar fraud whereby money from FTX customers was used for high-risk trades, debt repayments, personal loans, and political donations. The US Department of Justice views this conviction as a significant victory and a message to the crypto industry that fraud will not be tolerated. Bankman-Fried awaits sentencing and will face a second trial on additional charges in 2024.
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Sam Bankman-Fried prosecutor says Gary Wang's cooperation sped up case
Economic Times
·
1y ago
Medial
FTX founder Sam Bankman-Fried was charged by US prosecutors due in part to the cooperation of the former chief software engineer of the cryptocurrency exchange, Gary Wang. Wang's assistance was crucial in understanding how Bankman-Fried stole $8 billion in customer funds. Without Wang's help, it would have taken much longer for investigators to uncover the fraud. Bankman-Fried was recently sentenced to 25 years in prison and plans to appeal the conviction. Wang, along with other former FTX employees, pleaded guilty to fraud and testified against Bankman-Fried during the trial.
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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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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’s downfall is complete
Livemint
·
1y ago
Medial
Sam Bankman-Fried, founder of cryptocurrency exchange FTX, has been convicted on multiple charges of financial fraud, including defrauding customers and lenders, securities fraud, commodities fraud, and money laundering. The trial revealed evidence of FTX's collapse in 2022, with customer funds being misused and withdrawn for personal and venture investments. Former FTX insiders testified against Bankman-Fried, detailing the excessive spending and borrowing that contributed to the downfall of the exchange. Bankman-Fried now faces a maximum sentence of 110 years in jail.
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Sam Bankman-Fried won’t face a second criminal trial
Livemint
·
1y ago
Medial
Federal prosecutors have announced that they will not pursue additional criminal charges against Sam Bankman-Fried, founder of FTX, apart from the existing charges related to fraud. This decision clears the path for his sentencing on March 28. Prosecutors believe that the evidence from the first trial is sufficient to consider additional alleged conduct in determining Bankman-Fried's sentence, which could include restitution for the victims of his crimes. Bankman-Fried was convicted on seven criminal counts for stealing billions of dollars from customers of his collapsed crypto exchange.
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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 says he never thought what he was doing at FTX was illegal
Business Insider
·
1y ago
Medial
Former FTX CEO, Sam Bankman-Fried, expressed remorse for his actions in an interview with ABC News. Bankman-Fried, who was recently sentenced to 25 years in prison on charges including fraud and money laundering, stated that he never intended to hurt anyone or take anyone's money. The collapse of FTX in 2022 resulted in significant financial losses for customers, some of whom claim to have lost their life savings. Bankman-Fried's legal team plans to file an appeal, while his successor as CEO, John Ray III, disagrees with Bankman-Fried's portrayal of the company's financial situation.
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SBF's prison sentence marks the end of the crypto grift era — so what's next?
TechCrunch
·
1y ago
Medial
Federal judge sentenced former FTX CEO Sam Bankman-Fried to 25 years in prison for wire fraud and money laundering. Bankman-Fried and his partners used their cryptocurrency exchange, FTX, to secretly divert customer deposits to their hedge fund, Alameda Research. The scheme was exposed through leaks and investigative work. This sentencing marks a shift towards a more cautious phase in the crypto industry, where developers are urged to build useful applications on blockchain technology. However, the value of most blockchain projects still revolves around speculation, and there hasn't been a successful blockchain-based startup yet. Bitcoin remains as the most stable and widely adopted cryptocurrency due to its tangible backing of energy consumption.
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