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DISCLAIMER: The following YouTube video discusses the topic of FTX CEO Sam Bankman-Fried being disgraced and sentenced to 25 years for financial fraud. This content is for informational purposes only and should not be considered as legal advice or an official statement from any involved parties. The information presented in the video is based on publicly available sources and the opinions expressed by the creators and guests. Please remember that the legal process and outcomes can be subject to change, and the accuracy of the information provided may vary. It is essential to conduct your own research and consult with legal professionals for accurate and up-to-date information on any legal matters. The creators and producers of this YouTube video do not condone or promote any criminal activities or actions that may have led to the events discussed in the video. We aim to provide a platform for open discussion and awareness on relevant topics. We encourage our viewers to engage in responsible discussions and maintain a respectful environment for all participants. Any comments containing hate speech, threats, or promoting unethical behavior will be removed. Thank you for your understanding, and we hope you find the content informative and valuable.
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A judge sentenced Sam Bankman-Fried to 25 years in prison Thursday for orchestrating what prosecutors have called one of the biggest financial frauds in American history. He must also forfeit $11 billion that the government can use to compensate victims, Judge Lewis Kaplan said. Bankman-Fried, 32, of Stanford, California, was convicted last November of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison. He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, each of which carries a maximum sentence of five years in prison. He was accused of using customer deposits on the cryptocurrency trading platform FTX, the company he founded, to cover losses at his hedge fund, pay off loans, and buy lavish real estate, among other personal expenses.
Prosecutors have said he deserves between 40 and 50 years in prison because of the "enormous scale of the fraud." Bankman-Fried addressed the court before sentencing, standing at the defense table with his arms folded in front of him, looking down and often mumbling. He conceded his "mismanagement" caused Alameda, his privately controlled hedge fund, to shut down after its initial success and said he "failed everyone and everything I care about too." "I threw all of that away. It haunts me every day," he said. "I made a series of bad decisions. They weren't selfish decisions, they weren't selfless decisions, they were bad decisions." Bankman-Fried also acknowledged that FTX customers have not been made whole. "The customers, creditors lenders, they haven't been paid back," he said. "That has caused a lot of damage."
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#TX CEO Sam Bankman-Fried sentenced to 25 years for financial fraud
#FTX CEO Sam Bankman-Fried financial fraud
@72139
7 months ago
Love to see a list of the βvictimsβ being compensated !
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