Former FTX CEO Sam “SBF” Bankman-Fried has been handed a 25-year prison sentence by Judge Lewis Kaplan of the United States District Court for the Southern District of New York.
On March 28, Judge Kaplan sentenced Bankman-Fried for a total of 25 years for his conviction on seven felony charges. The judge found him guilty of witness tampering and perjury, among other charges, based on events related to the collapse of FTX and Alameda Research.
Judge Kaplan’s Ruling
Judge Kaplan emphasized the seriousness of the crimes, stating that Bankman-Fried’s actions warranted a severe punishment. He highlighted the former CEO’s evasive behavior during the trial and stressed that the punishment must match the gravity of the offenses.
In addition to the prison term, Judge Kaplan suggested an $11-billion judgment against Sam Bankman-Fried. He noted significant financial losses suffered by FTX investors, lenders, and customers, totaling billions of dollars.
The New York courtroom was filled with spectators as Sam Bankman-Fried received his sentence. The former CEO, dressed in prison attire, expressed remorse for the situation, while his attorneys portrayed him as a misunderstood figure.
Response from Sam Bankman-Fried’s Prosecutors
Assistant U.S. Attorney Nicolas Roos stated that Bankman-Fried had shown no acceptance of responsibility for his actions. He emphasized that the former CEO’s decisions were driven by mathematics rather than concern for others’ well-being.
Several other individuals associated with FTX and Alameda, including Gary Wang, Caroline Ellison, Nishad Singh, and Ryan Salame, have pleaded guilty in the same case. Salame, the former co-CEO of FTX Digital Markets, is expected to face sentencing next on May 1.
