2024-04-11 21:11:07
Convicted and sentenced to 25 years in prison at the end of March for fraud, criminal conspiracy and money laundering – among other charges – the former boss of the cryptocurrency exchange platform FTX, Sam Bankman-Fried, appealed .
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Fallen cryptocurrency superstar Sam Bankman-Fried has appealed his 25-year prison sentence for one of the worst financial frauds in recent history, according to a court document released Thursday, April 11.
“SBF” – his nickname – was found guilty by a jury in November of all seven counts against him in a trial after which New York prosecutor Damian Williams requested between forty and fifty years of imprisonment.
Read alsoSam Bankman-Fried, ideal son-in-law of cryptocurrencies in prison
In addition to the 25 years of imprisonment, “SBF” was fined $11 billion – which could be used to compensate for possible customer losses – and will have a three-year probation period. after his release, according to the Justice Department.
“Insolent”
On March 28, Judge Kaplan noted that the young man had recognized that “mistakes had been made, but never had a word of remorse for having committed a terrible crime”. Describing him as “insolent”, the magistrate denounced his “exceptional flexibility” regarding the truth.
According to him, with supporting examples, “SBF” engaged in at least three perjuries during his testimony at the five-week trial, as well as witness tampering. This increased the maximum possible sentence to 110 years.
“A lot of people feel like we let them down, and we let them down, I’m sorry,” Sam Bankman-Fried said during this hearing. “I’m sorry about what happened on every level.”
After the sentencing, prosecutor Damian Williams considered that it would “forever prevent (Sam Bankman-Fried) from committing fraud” and that it sent an “important message” to those who would be tempted by the white-collar crime that “justice will be swift and the consequences severe”.
“SBF” used, without their consent, the assets of customers of its digital currency exchange platform FTX to carry out risky transactions through its sister company Alameda, in order to purchase real estate or make donations policies.
Subject to massive withdrawal requests from panicked customers, FTX imploded in November 2022. At the time of its bankruptcy filing, around $9 billion was missing. The group’s liquidators have already recovered about $6.4 billion in cash and plan to fully reimburse injured customers.
Read alsoBankruptcy of FTX: the Bahamas, paradise lost for cryptocurrencies?
The former student of the Massachusetts Institute of Technology (MIT) was never accused of personal enrichment and kept, until the end, most of his fortune in FTX shares, the value of which evaporated.
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