Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

[Zetorian]

https://apnews.com/article/sam-bankman-fried-ftx-cryptocurrency-sentencing-sbf-d7bb1a5e94b4c22039d74dfeab1a2ff1

Quote

Though he described Bankman-Fried as “extremely smart,” U.S. District Judge Lewis A. Kaplan delivered a blistering analysis of Bankman-Fried and his crimes before announcing a sentence that was half of what prosecutors sought and less than a quarter of the 105 years recommended by the court’s probation officers.

“There is absolutely no doubt that Mr. Bankman-Fried’s name right now is pretty much mud around the world,” Kaplan said of the 32-year-old California man who seemed atop the cryptocurrency universe before his businesses collapsed in November 2022, leaving customers, investors and lenders short over $11 billion, which the judge ordered him to forfeit.

In a few words, customers lost around $8 billion, investors lost around $1.7 billion, and lenders lost around $1.3 billion. 

Assistant US Attorney Nicolas Roos has recommended a sentence between 40-50 years so what happened will never happen again and prosecutors noted that thousands of people and companies worldwide lost billions of dollars after their FTX accounts were looted by Mr Sam Bankman-Fried so to make millions of dollars of illegal political donations, bribe Chinese Officials, make risky investments, buy luxury real estate in the Caribbean, and live a very luxury life. 

Mr Sam Bankman-Fried was the second biggest democrat donor but he has now been convicted of one of the biggest financial frauds in American history. 

 

https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor/

Edited March 31 by Zetorian

[+DieChecker]

Maybe the money stolen from banks that was given to politicians should be returned. Probably with interest...

Politicians who wrongfully gained might end up being sued by New York City... 😄 😄

[Freez1]

11 minutes ago, DieChecker said:

Maybe the money stolen from banks that was given to politicians should be returned. Probably with interest...

Politicians who wrongfully gained might end up being sued by New York City... 😄 😄

Exactly 

[Zetorian]

9 hours ago, DieChecker said:

Maybe the money stolen from banks that was given to politicians should be returned. Probably with interest...

Politicians who wrongfully gained might end up being sued by New York City... 😄 😄

Maybe...

[Zetorian]

The Democrats are not in the best possible position at the moment. It's very likely Trump will be elected again and these kind of scandals remind us of the one party system we have.