Sam Bankman-Fried to be sentenced for financial fraud
The former billionaire and FTX founder will be sentenced on Thursday for orchestrating what prosecutors have called one of the biggest financial frauds in American history.
The former billionaire and FTX founder will be sentenced on Thursday for orchestrating what prosecutors have called one of the biggest financial frauds in American history.
On Thursday, a federal judge sentenced former FTX CEO Sam Bankman-Fried to 25 years in prison after he was found guilty on seven charges of wire fraud and money-laundering. The scam he pulled was fairly simple: He and his partners created an exchange, FTX, that took customer deposits to invest in and trade cryptocurrencies. According to the government's case, which it won, Alameda used that money for various things it shouldn't have, like investing in other crypto startups, buying some very nice real estate, supporting political campaigns and — most important for purposes of the scam — propping up FTX's proprietary crypto token, FTT.
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