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FTX founder Sam Bankman-Fried is going away for a long time … the judge hit him with a 25-year sentence for scamming customers and investors in his federal cryptocurrency fraud case.
Judge Lewis Kaplan handed down the hefty sentence Thursday in Manhattan, and although he didn’t order restitution — due to the large number of victims impacted by SBF’s biz — the judge did order a forfeiture of more than $11 billion.
Explaining the lengthy sentence and fine, Judge Kaplan said … “This man will be in a position to do something very bad in the future, and it’s not a trivial risk.”
The sentencing comes 4 months after Sam was found guilty of seven counts of fraud, money laundering and conspiracy.
SBF was accused of taking billions of dollars in FTX customer deposits and using the money to fund investments, make political donations and buy luxury real estate., SBF stood trial for taking billions of dollars in FTX customer deposits for his own use.
The judge recommended Sam be sent to a medium-security or a lower-security prison near San Francisco so the disgraced businessman’s family can visit him behind bars.
So, good news/bad news for Sam.