The New York Times reports:
Sam Bankman-Fried, the former cryptocurrency mogul who was convicted of fraud, was sentenced to 25 years in prison on Thursday, capping an extraordinary saga that upended the multi-trillion-dollar crypto industry and became a cautionary tale of greed and hubris.
Mr. Bankman-Fried’s sentence was shorter than the 40 to 50 years that federal prosecutors had recommended, but above the six-and-a-half-year sentence requested by the defense lawyers. A federal probation officer had recommended 100 years, just under the maximum possible penalty of 110 years behind bars.
In November 2022, Mr. Bankman-Fried’s crypto exchange, FTX, imploded virtually overnight, erasing $8 billion in customer savings. At a trial last fall, he was convicted of seven counts of fraud, conspiracy and money laundering.
Read the full article.
BREAKING: Fallen cryptocurrency mogul Sam Bankman-Fried has been sentenced to 25 years in prison for a massive fraud that unraveled with the collapse of FTX. https://t.co/J3NfIx3DN0
— The Associated Press (@AP) March 28, 2024