Former FTX CEO Sam Bankman-Fried Sentenced to 25 Years, Responds to Queries from Prison
Summary:
Sam Bankman-Fried, former CEO of FTX, has been sentenced to 25 years in federal prison. From his detention at the Metropolitan Detention Center in Brooklyn, he responded to journalist inquiries via email, expressing regrets about the collapse of his crypto exchange in November 2022. Many of his responses seemingly shirked full responsibility for the collapse, with the ex-CEO blaming it on poor decisions, not selfish actions. His lawyers have intimated they plan to appeal the verdict. The news indicates that he may serve his sentence in a medium-to-low security prison in the San Francisco Bay Area.
Ex-FTX leader, Sam “SBF” Bankman-Fried has allegedly answered inquiries from journalists after being given a 25-year federal prison time, as revealed in an ABC News report on the 1st of April. From the Metropolitan Detention Center in Brooklyn where he has been detained since August 2023, Bankman-Fried replied via email. On March 28, Judge Lewis Kaplan of the Southern District Court of New York in the United States handed down his 25-year sentence following his guilty verdict on seven felony charges.
"Never did I conceive my actions as illegal," stated SBF, quoted by ABC. "Every single day, I am plagued by the damage done. It was never my aim to bring harm to anyone or take their money."
Bankman-Fried’s replies revealed an apparent denial of full accountability for the crypto exchange failure in November 2022, alleging that he took "poor decisions" but did not act in a selfish or unselfish manner. This aligns with his previous statement made before his sentence was handed down, essentially defending his actions prior to FTX filing bankruptcy and asserting the exchange "would have continued" and customers would be reimbursed.
The Statement to ABC could be one of SBF's last before he was transferred to federal prison. Judge Kaplan suggested that the ex-CEO finishes his term in a medium-to-low security prison located in San Francisco Bay Area. According to the March 28 docket entry, Bankman-Fried is to serve about 24.25 years, taking into account the months already served since his detainment by Judge Kaplan. However, there's no parole in the federal prison system, though legal experts have hinted that the ex-CEO might have some years taken off his sentence for displaying good behavior.
The lawyers of Bankman-Fried revealed their intention to contest the verdict on March 28. As at the time this was published, no appeal had been lodged. Regarding comparisons to other high-profile cases, industry publication Inner City Press, X Hall of Flame suggests 'less flashy' Alex Mashinsky might receive less jail time than SBF.
Published At
4/1/2024 9:28:52 PM
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