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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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