Former FTX CEO Sam Bankman-Fried Sentenced to 25 Years
Sam Bankman-Fried appeared in court on Thursday for his sentencing hearing.
Mar. 28 2024, Updated 11:52 a.m. ET
Disgraced former crypto king Sam Bankman-Fried was sentenced to 25 years in prison for his role in the collapse of FTX, RadarOnline.com has learned.
Bankman-Fried, 32, appeared in a Manhattan federal court on Thursday for his sentencing hearing.
Last November, jurors found the former FTX CEO guilty on seven counts of fraud and conspiracy. During his sentencing hearing, the 32-year-old admitted that he made "a series of bad decisions" that cost customers millions.
"A lot of people feel really let down, and they were very let down, and I am sorry about that," Bankman-Fried said. "I am sorry about what happened at every stage. And there are things I should've done and things I shouldn't have."
Bankman-Fried addressed his former business partners — ex-girlfriend Caroline Ellison and co-founder Gary Wang — who testified against him as part of their plea deals.
The disgraced crypto CEO said that they "built something beautiful" together.
"And I threw it all away. It haunts me every day," Bankman-Fried added.
The former FTX CEO was found guilty of seven counts of fraud and conspiracy in November.
Bankman-Fried also acknowledged the "pain" his actions caused customers.
"It's been excruciating to watch," the ex-CEO said. "Customers don't deserve any of that pain."
On his looming prison sentence, Bankman-Fried said his "useful life is probably over. It's been over for a while now."
Judge Lewis Kaplan found Bankman-Fried's crimes cost victims over $550 million, investors over $1.7 billion, Alameda lenders over $1.3 billion and FTX customers over $8 billion.
Kaplan noted that saying FTX customers and creditors would be paid in full "is misleading, it is logically flawed, it is speculative."
Bankman-Fried said his 'useful life' was over when he addressed the court on Thursday.
Prosecutor Nicolas Roos addressed the court after Bankman-Fried and argued that FTX was "created with criminality that was pervasive throughout."
"Sam Bankman-Fried stole over $8 billion in customer money, and I emphasize stole because it was not a liquidity crisis, or an active mismanagement, or poor oversight from the top," the prosecutor continued. "It was not a bloodless financial loss on paper."
Prosecutors sought 40 to 50 years behind bars for the white collar criminal.
Before handing down the 25 year sentence, Judge Kaplan said there was risk "that this man will be in a position to do something very bad in the future, and it's not a trivial risk."
While Bankman-Fried acknowledged the suffering clients endured, Kaplan said there was "never a word of remorse for the commission of terrible crimes."
"He knew it was wrong."
Prosecutors pushed for 40 to 50 years behind bars, while Bankman-Fried's lawyers argued a sentence no more than six and a half years was appropriate for the first time offender.
Under federal sentencing guidelines, the ex-FTX CEO faced over 100 years in prison.
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