Mon. Jul 15th, 2024

Cryptocurrency genius gets 25 years for scamming 550 million clients.

By b0oua Apr 1, 2024
News

In comparison to him, only Bernard Madoff accomplished more. The prosecutor’s office characterized the former crypto king as a billionaire who lacked integrity and became the mastermind of a massive fraud. He deceived his clients by using their money for his own dangerous investments, purchases of expensive real estate, donations to political causes, and personal expenses.

Sam Bankman-Fried, the founder of the cryptocurrency platform Ftx, was found guilty of cheating clients and investors and received a sentence of 25 years in jail. The total amount of money that was lost as a result of the scam is greater than 550 million dollars.

Sam Bankman-Fried was found guilty by a court in New York of all seven fraud and money laundering crimes that he was accused of committing in relation to the failure of his cryptocurrency platform, FTX. The verdict was handed down in November. The public prosecution had been able to count on the remorse and cooperation of a large number of former close companions of Bankman-Fried throughout the course of the trial, which had occurred over the course of one month.

The prosecutor’s office characterized the former crypto king as a billionaire who lacked integrity and became the mastermind of a massive fraud. He deceived his clients by using their money for his own risky investments, purchases of luxury real estate, donations to political causes, and personal expenses without their knowledge.

“It haunts me every day,” Bankman-Fried stated, referring to the failure of FTX. I tossed away anything that was of any value to me. After determining that there is no need for him to be placed in a maximum security prison due to the fact that he is not a violent guy, Judge Kaplan advised that he will spend his sentence in a jail that is classified as having medium security. If he maintains his excellent behavior, he will be able to count on having his term reduced.

Despite the fact that Bankman-Fried’s sentence of 25 years was approximately half of what the prosecution had wanted, it nonetheless placed him in the high range for sentence duration in significant white-collar fraud cases. A sentence of one hundred fifty years in prison has been handed down to Bernard Madoff for the twenty billion dollar Ponzi scam that he oversaw.

A little more than eleven billion dollars was ordered to be forfeited by the judge in addition to the prison sentence of the defendant. As a result of the large number of victims, he stated that there would be no recompense because it would be “impractical” to do so in this particular case.

On Thursday, a judge handed down a sentence of 25 years in jail to Sam Bankman-Fried for stealing $8 billion from users of the now-defunct FTX cryptocurrency exchange that he founded. This was the final stage in the dramatic downfall of the erstwhile wealthy wunderkind.

U.S. District Judge Lewis Kaplan handed down the punishment during a court session in Manhattan. He did so after dismissing Bankman-Fried’s argument that FTX consumers did not actually lose money and accusing him of lying during his evidence during the trial. In what the prosecution has referred to as one of the largest financial scams in the history of the United States, Bankman-Fried, who is 32 years old, was found guilty on seven counts of fraud and conspiracy on November 2nd. These charges come from the collapse of FTX in 2022.

“He knew it was wrong,” Kaplan said of Bankman-Fried before delivering the sentence. “He knew it was wrong.” “He was aware that it was illegal. He deeply regrets the fact that he placed a very poor wager regarding the possibility of being apprehended. On the other hand, he is not going to take any responsibility for his actions.

The sentence was being read by Kaplan, and Bankman-Fried was standing there with his hands clasped in front of him.

During his twenty minutes of remarks to the judge, Bankman-Fried, who was wearing a beige jail t-shirt with short sleeves, admitted that FTX consumers had been harmed, and he extended an apology to his former coworkers at FTX.

Bankman-Fried’s transformation from a very wealthy entrepreneur and key political supporter to the recipient of the largest award to date in a crackdown by U.S. authorities on wrongdoing in cryptocurrency markets was brought to a head by the sentence, which represented the culmination of his journey. Despite his conviction and punishment, Bankman-Fried has promised to appeal both of them.

Kaplan stated that he had discovered that consumers of FTX had lost $8 billion, equity investors of FTX had lost $1.7 billion, and lenders to the Alameda Research hedge fund that Bankman-Fried had formed had lost $1.3 billion.

“The defendant’s assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative,” Kaplan explained to reporters. “A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole.”

In addition, the judge stated that Bankman-Fried misled the court during his testimony during the trial when he claimed that he was unaware that his hedge fund had spent customer money that had been misappropriated from FTX.

A sentence of forty to fifty years in jail was what the federal prosecutors had requested. Attorney Marc Mukasey, who represented Bankman-Fried in his defense, had claimed that a sentence of less than five and one-fourth years would be reasonable.

Bankman-Fried made the following statement addressing the judge: “Customers have been enduring… It was not my intention to downplay that in any way. During the course of this procedure, I believe that I have neglected to mention that particular aspect, and I apologize for the omission of that particular point.

In his statement to the judge, Bankman-Fried made reference to his fellow employees at FTX, saying, “They put a lot of themselves into it, and I threw their efforts away.” Each and every day, it trouble me.

In the course of the trial, three of his former close associates appeared as witnesses for the prosecution, stating that he had instructed them to siphon monies from FTX customers in order to cover losses at Alameda Research.

A prosecutor working for the United States Attorney’s office in Manhattan named Nicolas Roos stated to the judge, “The criminality that is taking place here is on a massive scale.” All facets of the company were affected by it to a significant degree.

In the course of the hearing, Mukasey made an effort to maintain a distance between his client and infamous con artists such as Bernie Madoff.

“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” Mukasey said, portraying his client as a “awkward math nerd” who fought hard to get consumers their money back following FTX’s collapse. “My client was not a ruthless financial serial killer,” Mukasey said.

“Sam Bankman-Fried doesn’t make decisions with malice in his heart,” Mukasey stated in addition. “He makes decisions with math in his head.”

The testimony that Bankman-Fried provided in his own defense admitted that he had made errors, such as failing to establish a risk management team, but he denied that he had any intention of defrauding anyone or stealing money from clients.

Members of the United States Marshals Service escorted him into the courthouse so that he could participate in the hearing. Both of his parents, Joseph Bankman and Barbara Fried, who are both law professors at Stanford University, were present.

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