FTX fraudster Sam Bankman-Fried sentenced to 25 years in prison
Enlarge / FTX Founder Sam Bankman-Fried arrives at US District Court on March 30, 2023, in New York City after being hit with a criminal charge for allegedly authorizing a bribe of at least $40 million to one or more Chinese government officials. (credit: Getty Images | Michael Santiago )
Convicted FTX fraudster Sam Bankman-Fried was sentenced to 25 years in prison today, according to news reports.
The founder and ex-CEO of cryptocurrency exchange FTX was sentenced this morning by Judge Lewis Kaplan in US District Court for the Southern District of New York. Bankman-Fried had requested a sentence of 63 to 78 months (5.25 to 6.5 years), arguing that he deserved leniency because of his "charitable works and demonstrated commitment to others."
Kaplan ordered a forfeiture of $11 billion but did not order restitution "due to the complexity of the case and the number of victims," the court docket said. Kaplan instead authorized the US to compensate victims with "forfeited assets through a remission process, as restitution would be impractical in this case."