Tag • #ftx

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Sam Bankman-Fried appeals FTX fraud convictions and 25-year prison sentence

news.movim.eu / TheGuardian · Thursday, 11 April - 20:14

Ex-CEO and former crypto mogul, 32, was found guilty of seven counts of fraud and conspiracy to launder money in November

Sam Bankman-Fried appealed his fraud convictions and 25-year prison sentence on Thursday.

The ex-CEO of the now-bankrupt cryptocurrency exchange was found guilty on seven counts of fraud and conspiracy to launder money in November and sentenced to more than two decades in federal prison in late March. The former crypto mogul, 32, had signaled he would contest the court’s rulings shortly after he learned of his sentence. It’s not yet clear on what grounds Bankman-Fried will argue for an appeal, which could take years.

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‘He knew it was wrong’: Sam Bankman-Fried sentenced to 25 years in prison over FTX fraud

news.movim.eu / TheGuardian · Thursday, 28 March - 18:38

Judge orders disgraced crypto mogul to forfeit $11bn in assets and says he showed no remorse for his crimes

Sam Bankman-Fried, the disgraced cryptocurrency mogul who perpetrated one of the largest financial frauds in history, has been sentenced to 25 years in prison and ordered to forfeit $11bn in assets. His lawyer reiterated a pledge to appeal the sentence the same day.

The judge, Lewis Kaplan, issued the penalty in a Manhattan courtroom on Thursday. Bankman-Fried, the former chief executive of the now-bankrupt cryptocurrency exchange FTX, was convicted of fraud and conspiracy to launder money late last year.

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Sam Bankman-Fried is going to prison. The crypto industry isn’t any better for it

news.movim.eu / TheGuardian · Thursday, 28 March - 16:00

There have been no changes since the ex-mogul’s conviction as lawmakers fail to pass regulations to protect the public

There is a palpable feeling of relief in the cryptocurrency industry. Evangelists are preaching the good news that the industry has been purged of the Sam Bankman-Frieds, the Alex Mashinskys , the Do Kwons and the Changpeng Zhaos of the world. They proclaim that crypto can finally ascend from its purgatorial, “wild west” days to become a respectable sector of the financial world blessed by regulators and speculators alike.

That exultant attitude has contributed to surging cryptocurrency prices, which surpassed previous all-time highs in the weeks leading up to Bankman-Fried’s sentencing of 25 years in prison on Thursday.

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Sam Bankman-Fried to be sentenced for multibillion-dollar crypto fraud – live

news.movim.eu / TheGuardian · Thursday, 28 March - 12:10

Former CEO of now bankrupt FTX cryptocurrency exchange faces more than 100 years in prison if given maximum penalty

In mid-March, federal prosecutors requested that judge Lewis Kaplan sentence Bankman-Fried to at least four decades in prison. The maximum penalty he could face would amount to more than 100 years.

“His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money,” the US attorneys in Manhattan wrote. “And even now Bankman-Fried refuses to admit what he did was wrong.”

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Sam Bankman-Fried will grow old in jail. But don’t forget those who basked in his orbit | Aditya Chakrabortty

news.movim.eu / TheGuardian · Thursday, 28 March - 06:00

If the high-rollers surrounding the disgraced FTX founder had any qualms about taking his money, they didn’t show it

Later today, a man who has recently turned 32 will be hauled in front of a Manhattan judge. Already convicted of huge fraud , he knows he’s going to prison. The only question is for how long. If the US government gets its way, he will not emerge before his 80th birthday.

This is the final disgrace of Sam Bankman-Fried. The judge, politicians and the world’s press will declare him one of the biggest swindlers in American history. They will note how within three years he built a marketplace for digital currencies, or crypto, that was worth around $32bn – and made himself the world’s richest person under 30. Still it wasn’t enough. He spent perhaps $8bn of his customers’ savings on luxury homes, risky investments and whatever else took his fancy.

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‘Old-fashioned embezzlement’: where did all of FTX’s money go?

news.movim.eu / TheGuardian · Wednesday, 27 March - 13:00

Sam Bankman-Fried oversaw its collapse – now the crypto firm is in bankruptcy proceedings as contentious as his fraud trial

Sam Bankman-Fried, former CEO of the bankrupt cryptocurrency exchange FTX , presided over a spectacular collapse that cost his customers billions of dollars. He argues in court filings that anyone owed money by FTX “will eventually be paid in full”. The US government says he’s living in a fantasy land.

Last week, FTX’s caretaker, John Ray III, appointed to oversee the company’s bankruptcy proceedings, reminded the court that Bankman-Fried had masterminded a “colossal fraud”, lived a “life of delusion”, and called Bankman-Fried’s lawyers’ claim that no one had been harmed as “categorically, callously, and demonstrably false”.

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Sam Bankman-Fried to be sentenced for multibillion-dollar fraud this week

news.movim.eu / TheGuardian · Monday, 25 March - 09:00

Former FTX CEO faces up to 100 years in prison should the judge hand out the harshest penalty

Sam Bankman-Fried, once the CEO of FTX and a billionaire wunderkind of the cryptocurrency world, will be sentenced to prison time on Thursday in New York City.

Should the judge in his case impose the harshest penalty allowed, the 32-year-old would face more than 100 years and die an incarcerated man, a possibility his lawyer has called “ grotesque .”

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The rise and fall of Sam Bankman-Fried: an unrepentant ex-mogul faces down decades in prison

news.movim.eu / TheGuardian · Saturday, 23 March - 12:00

The former CEO of FTX, once a king of cryptocurrency, saw a swift reversal of his fortunes starting in November 2022

In a downtown Manhattan courtroom on the morning of 28 March, tech wunderkind turned fraudster Sam Bankman-Fried, unrepentant even after trial and conviction, will finally learn his fate.

Bankman-Fried , who founded the cryptocurrency exchange FTX , was found guilty on 2 November 2023 of seven counts of wire fraud and conspiracy to launder money.

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SBF repeatedly lied to get out of “supervillain” prison term, FTX CEO alleges

news.movim.eu / ArsTechnica · Thursday, 21 March - 18:21

Enlarge / FTX founder Sam Bankman-Fried (R) departs Manhattan Federal Court after an arraignment hearing on March 30, 2023, in New York City. (credit: Drew Angerer / Staff | Getty Images News )

The CEO of FTX Trading, John Ray, sent a letter to Judge Lewis Kaplan Wednesday to correct what he called "callously" and "demonstrably false" claims that disgraced FTX founder Sam Bankman-Fried made in hopes of receiving a lighter sentence for crimes including defrauding FTX customers .

In a sentencing memo , Bankman-Fried asked the court to drastically slash his prison sentence from what he considered a "grotesque" 110-year maximum to five to six years. Prosecutors have suggested the sentence should be between 40 and 50 years, but Bankman-Fried claimed such a sentence painted him as a "depraved supervillain," Bloomberg reported .

The lightest sentence was appropriate, Bankman-Fried claimed, because the "most reasonable estimate of loss" and "harm" to customers, lenders, and investors is "zero."

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