Boss of Cryptocurrency company FTX, Sam Bankman-Fried has been sentenced to 25 years in prison.
U.S. District Judge Lewis Kaplan sentenced Bankman-Fried at a Manhattan court hearing after rejecting his claim that FTX customers did not actually lose money. He accused him of lying during his trial testimony. “A jury found Bankman-Fried, 32, guilty on Nov. 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in U.S. history,” Reuters reported on Thursday
“He knew it was wrong,” Kaplan said of Bankman-Fried before handing down the sentence. “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.”
Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence. He was led out of the courtroom by members of the U.S. Marshals Service when the hearing ended.
Reuters
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