Bankman-Fried gets 25 years for fraud
Former "crypto king" Sam Bankman-Fried will report to federal prison
What happened
A federal judge in New York on Thursday sentenced Sam Bankman-Fried to 25 years in prison for defrauding customers, money laundering and other crimes tied to the collapse of his cryptocurrency exchange FTX. He was also ordered to forfeit $11 billion in assets.
Who said what
Judge Lewis Kaplan said Bankman-Fried deserved a long sentence because he lied at trial, failed to show remorse and there's significant "risk that this man will be in a position to do something very bad in the future." Bankman-Fried, 32, said he is "sorry about what happened at every stage" and "my useful life is probably over now."
The commentary
The stiff sentence sets a "crucial" example for aspiring crypto fraudsters, Crypto Council for Innovation CEO Sheila Warren told The Washington Post. "What we don't want to do is incentivize people to say, 'Oh, you just pay a big fine and do whatever you want.' No, you go to jail if you lie, if you steal."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Kaplan said he will advise that Bankman-Fried be sent to a low- or medium-security prison near San Francisco. The fallen "crypto king" will probably serve 17 to 20 years, The Wall Street Journal said, citing prison consultants. Bankman-Fried is young enough that "he will see the light of day," said Ira Lee Sorkin, a defense lawyer whose client Bernie Madoff died in prison, to The New York Times. "But he is going to spend a lot of time in a cell."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Italian senate passes law allowing anti-abortion activists into clinics
Under The Radar Giorgia Meloni scores a political 'victory' but will it make much difference in practice?
By Chas Newkey-Burden, The Week UK Published
-
Magazine interactive crossword - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Magazine solutions - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Trump criminal trial starts with rulings, reminder
Speed Read The first day of his historic trial over hush money payments was mostly focused on jury selection
By Rafi Schwartz, The Week US Published
-
Parents of school shooter sentenced to 10-15 years
Speed Read Jennifer and James Crumbley are the first parents to be convicted in a US mass shooting
By Peter Weber, The Week US Published
-
Unlicensed dealers and black market guns
Speed Read 68,000 illegally trafficked guns were sold in a five year period, said ATF
By Peter Weber, The Week US Published
-
Feds raid Diddy homes in alleged sex trafficking case
Speed Read Homeland Security raided the properties of hip hop mogul Sean "Diddy" Combs
By Peter Weber, The Week US Published
-
'Goon Squad' cops sentenced for torturing 2 Black men
Speed Read The former Mississippi law enforcement officers pleaded guilty last year
By Peter Weber, The Week US Published
-
Michigan shooter's dad guilty of manslaughter
speed read James Crumbley failed to prevent his son from killing four students at Oxford High School in 2021
By Peter Weber, The Week US Published
-
Shooting at Chiefs victory rally kills 1, injures 21
Speed Read Gunfire broke out at the Kansas City Chiefs' Super Bowl victory parade in Missouri
By Peter Weber, The Week US Published
-
Court rules Josef Fritzl can be moved to normal prison
Speed Read 'Notorious' criminal, now 88, was convicted for raping, committing incest and imprisoning his daughter
By Richard Windsor, The Week UK Published