(Patriot.Buzz) – After scamming millions out of thousands of people with fake promises in order to fund his over-the-top life, a federal judge in Manhattan branded Sam Bankman-Fried a relentless fraudster who had no remorse.
As part of the ruling, the judge sentenced the former cryptocurrency magnate to 25 years in prison for embezzling over $8 billion from his clients.
According to Judge Lewis Kaplan, the 32-year-old ex-FTX boss was someone who “presented himself as the good guy” in the crypto world and aspired to substantial political influence, only to be unmasked as a charade.
In addition to his prison term, Bankman-Fried was ordered to repay over $11 billion to victims, though whether this type of restitution is possible remains unclear.
His sentencing follows a long-drawn-out apology, where Bankman-Fried lamented the fallout of his decisions but stopped short of acknowledging the calculated criminal activities that prosecutors identified: stealing from thousands of clients to pay off debts, buy luxury items and make substantial donations to politicians.
Bankman-Fried’s defense of FTX’s downfall by saying that it came from a string of “bad decisions” did nothing to sway Judge Kaplan, who underscored the planned nature of Bankman-Fried’s actions, reinforced by ex-girlfriend and key witness Caroline Ellison’s testimony.
Kaplan’s sentence aims to penalize and limit Bankman-Fried’s potential for future misconduct by emphasizing his capacity for persistence and persuasion. “He knew it was wrong. He knew it was criminal,” Kaplan said.
“There is a risk that this man will be in a position to do something very bad in the future, and it’s not a trivial risk,” Kaplan added. “So, in part, my sentence will be for the purpose of disabling him — to the extent that can be done — for a significant amount of time.”
Bankman-Fried behind bars since August after attempts to meddle with witnesses, such as leaking his ex’s diary to reporters, caused his bail to be revoked. Despite the gravity of his sentencing, Bankman-Fried showed no emotion as he was escorted from the courtroom.
The judge recommended his incarceration in a medium-security prison near his family in Northern California or in a federal low-security facility deemed suitable.
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