FTX founder Sam Bankman Freed sentenced to prison 25 years imprisonment Thursday, a spokesperson for the court told The Hill.
The disgraced crypto tycoon was convicted last fall in the Southern District of New York on federal fraud and conspiracy charges related to his role in the November 2022 collapse of his cryptocurrency exchange, FTX.
“I feel like a lot of people have been really let down, and I’m very sorry,” Bankman Fried said in court Thursday before being sentenced, according to CNN.
“I’m sorry for what happened every step of the way. Besides, there are things you should do and things you shouldn’t do.”
The collapse marks a dramatic fall from grace for Bankman Fried, who has become the face of Washington’s burgeoning cryptocurrency industry and has attracted celebrities such as NFL legend Tom Brady and NBA star Stephen Curry. It also received support from.
The jury found that Bankman Freed illegally used FTX depositor funds to finance a lavish lifestyle, purchase luxury real estate and private planes, and make large political contributions.
Campaign finance charges against the former major Democratic donor were dropped, but Bankman Fried admitted to making “dark” donations to the Republican Party as well.
Prosecutors had recommended a sentence of 40 to 50 years in prison. Bankman Fried’s lawyers argued that a maximum sentence of 100 years in prison was “barbaric” and “grotesque” and that FTX investors were expected to get their money back, with a sentence of 63 to 78 months. He had asked for a lenient sentence.
Updated at 11:59 a.m. EDT. The Associated Press contributed.
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