Former FTX CEO Sam Bankman-Fried (SBF) has been sentenced to 25 years in prison, according to a court ruling in the Southern District of New York

[Teacher]

Judge Kaplan: It is the judgment of the court that you are sentenced to 240 months then consecutive 60 [etc] for a total of 300 months [25 years]
— Inner City Press (@innercitypress) March 28, 2024

https://twitter.com/i/web/status/1773376299626574125

Earlier, Prosecutor Damian Williams insisted on a term of 40 to 50 years for SBF. He noted that Bankman-Fried refuses to admit guilt in organizing "probably the largest fraud in the last decade."

"The scale, duration, nature and sheer number of SBF's crimes, the harm caused, willful disregard for the rule of law, and lack of extenuating circumstances make him exceptionally deserving of a sentence that is sufficiently severe to ensure justice for his crimes and deter others from committing similar ones," the prosecution said in a statement.

During a hearing on March 28, Judge Lewis Kaplan rejected the defense's request to consider the potential payment of compensation to victims as a mitigating circumstance.

 

[Father]

Lawyers for Sam Bankman-Fried (SBF) filed an appeal against the court's decision, according to which he will spend the next 25 years in prison.

The motion states that SBF intends to appeal all seven counts of money laundering, fraud and conspiracy. The court also ordered Bankman-Fried to pay an $11 billion fine.

The notice was sent almost two weeks after the verdict was handed down.

Previously, the lawyers requested that SBF remain in the Brooklyn detention center until the appeal is considered, without being transferred to a federal prison in the San Francisco Bay Area.

The case will now likely go to the Second Circuit Court of Appeals, according to Cointelegraph. It is expected to decide whether to confirm the conviction or reverse the decision and lay the groundwork for a possible new trial.

• Source: https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.428.0.pdf

 

[Father]

Sam Bankman-Fried has promised to help chase down the celebrity promoters of the collapsed FTX.

FTX founder Sam Bankman-Fried (SBF), who was sentenced to 25 years in prison, has signed a settlement agreement with a group of clients of the exchange to help prosecute the company's famous promoters.

In return, the affected investors will drop the class action against SBF.

The document has not yet been approved by the court. If approved, the settlement agreement will release Bankman-Fried from both current and future civil liability related to the FTX crash.

The essence of the deal is that the former FTX CEO will provide plaintiffs ' lawyers with information, including documents and testimony, to make claims against celebrities and venture capital firms promoting the exchange.

SBF also agreed to transfer financial data, including personal balance sheets of its remaining assets and a list of investment transactions.

Former colleagues of Bankman-Fried-Caroline Ellison, Nishad Singh and Gary Wang and Dan Friedberg - have already signed similar settlement agreements.

Several celebrity promoters affiliated with the case, including Andrew Jih, Graham Stefan, Jaspreet Singh, Tom Nash, Brian Jung, and Jeremy Lefebvre, settled the claims by contributing a total of $1.4 million to a fund to fund future FTX-related lawsuits.

However, most famous influencers like Tom Brady, Stephen Curry, Shaquille O'Neal, Naomi Osaka, Shohei Otani, as well as supermodels Gisele Bundchen intend to defend their innocence in court.

In November 2023, during a live broadcast of an NBA game, O'Neill received a subpoena for promoting FTX. Prior to this, the basketball player had already received a notice in the exchange's case, but the star's lawyers challenged the complaint.

• Source: https://storage.courtlistener.com/recap/gov.uscourts.flsd.648382/gov.uscourts.flsd.648382.618.0.pdf