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Sam Bankman (FTX scammer) was sentenced today after duping thousands of cryptocurrency investors

Sam Bankman (FTX scammer) was sentenced today after duping thousands of cryptocurrency investors

Sam Bankman-Fried, the former billionaire head of the cryptocurrency industry, will be sentenced for his crimes today after being found guilty of fraud and money laundering.

A jury found that Bankman-Fried, 32, had unlawfully used funds from FTX depositors to pay for his expenses, which included buying opulent Caribbean properties, paying bribes to Chinese officials, and renting private aircraft. The jury found him guilty of fraud and conspiracy last November.

On Thursday, he will appear in court again in New York. Prosecutors informed Judge Lewis Kaplan in a court document that “the defendant victimized tens of thousands of people and companies, across several continents, over multiple years.”

He lied to investors, pumped millions of dollars in illicit donations into our political system, bribed foreign officials, and stole money from customers who trusted him with their money.” They went on, “These are all crimes deserving of long sentences.

Since Bankman-Fried is unlikely to commit another crime, his friends, family, and attorneys have pleaded for leniency. Additionally, they assert that most of FTX’s investors’ money has been recouped, a claim that is refuted by FTX, its creditors, and bankruptcy attorneys.

“Mr. Bankman-Fried persists in leading a delusional life,” penned John Ray, the man tasked with leading FTX following its demise and salvaging the financially troubled enterprise. “He left the ‘business’ on November 11, 2022, because it was neither safe nor solvent.”

A 100-year prison sentence was recommended by the probation office, but Bankman-Fried’s attorney, Marc Mukasey, attacked the recommendation two weeks ago, calling it “grotesque” and “barbaric.”

He asked the judge to give Bankman-Fried a five- to six-and-a-half-year prison sentence.

Sam is a “first-time, non-violent offender,” according to Mukasey, who also described his client as “not the greedy villain described at trial” or the “evil genius” portrayed in the media.

Bankman-Fried, who had made a name for himself in the business world as a billionaire, suffered a terrible setback when FTX, a platform that allowed users to deposit and trade cryptocurrency, collapsed in 2022.

Before rumors of financial trouble caused a run on deposits, it drew millions of customers.

A US jury determined in November 2023 that Bankman-Fried had taken billions of dollars from the exchange’s customers before its collapse, which he used to purchase real estate, finance political campaigns, and make other investments.

Several of those clients now seem likely to receive sizeable payouts under a plan being formulated in the different bankruptcy cases.

That plan called for payouts to previous users according to the value of their holdings at the time the exchange failed.

Bankman-defense Fried, who is anticipated to appeal his conviction, has contended in court documents that this kind of rehabilitation calls for a reduced sentence.

However, many former customers are furious about the repayment plan because it will prevent them from taking advantage of the subsequent cryptocurrency boom.

In his letter to the court, he stated, “Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,” contending that Bankman-claim Fried Fried’s minimal loss claims were evidence that he was still living “a life of delusion”.

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