Sixteen months after the collapse of his FTX cryptocurrency exchange, Sam Bankman-Fried has been sentenced to 25 years in prison. He has also been ordered to pay an $11 billion monetary judgment.The sentence follows his conviction on all seven felony charges in November 2022 — a decision reached by the jury within hours of beginning their deliberations.Bankman-Fried intends to appeal the conviction.
"“SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him,” Mitchell Epner, a former federal prosecutor, told CNN.
Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act."
Boo, I was hoping for 40. He’ll get out early enough to scam more.
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Sure, I’d rather Sam spent the rest of his life making up to his victims through public service works.
His poor billionaire victims
Were there not a fair pile of ‘mom and pop’ / young idiot ‘investors’ who got on the hype train and put in thousands or tens of thousands?
That was probably the large majority. Anybody who knew what they were doing didn’t leave their money on FTX.
the fall of FTX took out large swathes of the remaining crypto economy, especially in Africa. Everyone just used FTX as a shitty bank.
but then, if they knew what they were doing, they wouldn’t have gone near crypto
Well yeah, you’re right, it was more than just an exchange failing
you know, this is a pretty good point (and I think the rest of my thoughts align with what david’s mentioned elsewhere in some of the threads)
This is probably to satisfy the public. He’ll probably get closer from 5-10 and the rest will be watered down on appeals
He is going to federal prison, which means he needs to serve 85% of his sentence or 21.25 years minimum.
Not according to CNN:
"“SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him,” Mitchell Epner, a former federal prosecutor, told CNN.
Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act."
edition.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/h_538da92aa954d1035036db11ba53b4a8
The last 7.5 years will probably be at home detention
Meanwhile the people he stole from are unlikely to ever see any of their money again let alone half of it.
But be 25 years behind all the other scammers in the meantime at least
none of the scams are new, he’ll adapt