Sam Bankman-Fried
Former CEO of collapsed crypto exchange FTX, Sam Bankman-Fried has been sentenced to 25 years in prison for stealing billions of dollars from customers.
After a two-hour hearing in Manhattan, Judge Lewis Kaplan handed down the sentence, rejecting Bankman-Fried's claim that FTX customers did not actually lose money and finding that he lied during his trial testimony.
The judge said Bankman-Fried knew what he was doing was criminal and regretted making a bad bet about the likelihood of being caught.
Bankman-Fried apologised but maintained that FTX had the ability to repay customers when it imploded.
Prosecutors said the FTX founder took more than $10 billion from unsuspecting customers as he crafted a public image that drew in celebrities, politicians and business titans.
A jury found the 32-year-old guilty on November 2, 2023 on seven fraud and conspiracy counts stemming from FTX's collapse in what prosecutors have called one of the biggest financial frauds in US history.
FTX was valued at $32 billion before it went bankrupt in 2022.
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