{"id":177736,"date":"2024-03-28T21:43:40","date_gmt":"2024-03-28T20:43:40","guid":{"rendered":"https:\/\/newmail-ng.com\/?p=177736"},"modified":"2024-03-28T21:43:40","modified_gmt":"2024-03-28T20:43:40","slug":"ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering","status":"publish","type":"post","link":"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/","title":{"rendered":"FTX founder sentenced to 25 years in prison for fraud, money laundering"},"content":{"rendered":"<p class=\"caps\"><strong>Sam Bankman-Fried, former chief executive officer (CEO) and founder of Futures Exchange (FTX), has been sentenced to 25 years in prison after being convicted of defrauding his customers, investors, and lenders.<\/strong><\/p>\n<p><span class=\"acssf62a8\">Bankman-Fried was sentenced on Thursday in a Manhattan federal court presided over by Judge Lewis Kaplan.<\/span><\/p>\n<p><span class=\"acssf62a8\">The 31-year-old crypto expert faced up to 110 years, however, prosecutors argued for a sentence of 40 to 50 years, while Bankman-Fried\u2019s lawyers asked for six and a half years.<\/span><\/p>\n<p><span class=\"acssf62a8\">At the court, his lawyers argued Bankman-Fried \u201ceschews materialistic trappings\u201d and suffers from a severe condition that causes his \u201cnear-complete absence of enjoyment, motivation, and interest.\u201d.<\/span><\/p>\n<p><span class=\"acssf62a8\">But Kaplan said he would recommend to the bureau of prisons that Bankman-Fried be placed in a medium-security facility or any lower-security facility the bureau finds appropriate.<\/span><\/p>\n<p><span class=\"acssf62a8\">Medium-security federal prisons have strengthened perimeters \u2014 often double fences with electronic detection systems \u2014 and mostly cell housing, according to the bureau of Prisons.<\/span><\/p>\n<p><span class=\"acssf62a8\">Just before announcing Bankman-Fried\u2019s 25-year sentence, Kaplan said there was a risk \u201cthat this man (Bankman-Fried) will be in a position to do something very bad in the future, and it\u2019s not a trivial risk.\u201d.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cBankman-Fried acknowledged his mistakes and said he was sorry for what happened to customers, but never a word of remorse for the commission of terrible crimes,\u201d Kaplan said, adding that <\/span><span class=\"acssf62a8\">\u201che knew it was wrong.\u201d<\/span><\/p>\n<p><span class=\"acssf62a8\">The judge also said many facts are not disputed, including that the former FTX boss had \u201can exceptionally privileged background.\u201d.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cHe is extremely smart. And he suffers from autism, and is capable of huge accomplishments,\u201d he said.<\/span><\/p>\n<p><span class=\"acssf62a8\">Kaplan also agreed with the prosecutors&#8217; claim that Bankman-Fried \u201cwanted to be a hugely, hugely politically influential person in this country,\u201d and that propelled his financial crimes.<\/span><\/p>\n<p><span class=\"acssf62a8\">In 2022,<\/span><span class=\"acssf62a8\">\u00a0Bankman-Fried was\u00a0<\/span><a href=\"https:\/\/www.thecable.ng\/sam-bankman-fried-former-ftx-ceo-arrested-in-bahamas\/amp\"><b>arrested<\/b><\/a><span class=\"acssf62a8\">\u00a0by Bahamian authorities due to criminal charges filed by the US government.<\/span><\/p>\n<p>On November 3, 2023, Bankman-Fried was found guilty of fraud and money laundering at the end of a month-long trial in New York.<\/p>\n<div class=\"amp-ad-wrapper amp_ad_4\">\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried, former chief executive officer (CEO) and founder of Futures Exchange (FTX), has been sentenced to 25 years in prison after being convicted of defrauding his customers, investors, and lenders. Bankman-Fried was sentenced on Thursday in a Manhattan federal court presided over by Judge Lewis Kaplan. The 31-year-old crypto expert faced up to 110 [&hellip;]<\/p>\n","protected":false},"author":306,"featured_media":177738,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,11,15,2],"tags":[67452,67453],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX founder sentenced to 25 years in prison for fraud, money laundering | New Mail Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX founder sentenced to 25 years in prison for fraud, money laundering | New Mail Nigeria\" \/>\n<meta property=\"og:description\" content=\"Sam Bankman-Fried, former chief executive officer (CEO) and founder of Futures Exchange (FTX), has been sentenced to 25 years in prison after being convicted of defrauding his customers, investors, and lenders. Bankman-Fried was sentenced on Thursday in a Manhattan federal court presided over by Judge Lewis Kaplan. The 31-year-old crypto expert faced up to 110 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\" \/>\n<meta property=\"og:site_name\" content=\"New Mail Nigeria\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pages\/NewMailNG\/156576314503603\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-28T20:43:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-28-213143.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1177\" \/>\n\t<meta property=\"og:image:height\" content=\"810\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adebari Oguntoye\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:site\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adebari Oguntoye\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\"},\"author\":{\"name\":\"Adebari Oguntoye\",\"@id\":\"https:\/\/newmail-ng.com\/#\/schema\/person\/1f62d5c49b6bd377221a57d595b0732a\"},\"headline\":\"FTX founder sentenced to 25 years in prison for fraud, money laundering\",\"datePublished\":\"2024-03-28T20:43:40+00:00\",\"dateModified\":\"2024-03-28T20:43:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\"},\"wordCount\":334,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/newmail-ng.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-28-213143.png\",\"keywords\":[\"Futures Exchange\",\"Sam Bankman-Fried\"],\"articleSection\":[\"Business &amp; Economy\",\"Foreign\",\"Headline\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\",\"url\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\",\"name\":\"FTX founder sentenced to 25 years in prison for fraud, money laundering | New Mail Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/newmail-ng.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-28-213143.png\",\"datePublished\":\"2024-03-28T20:43:40+00:00\",\"dateModified\":\"2024-03-28T20:43:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#primaryimage\",\"url\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-28-213143.png\",\"contentUrl\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-28-213143.png\",\"width\":1177,\"height\":810,\"caption\":\"Sam Bankman-Fried,\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newmail-ng.com\/ftx-founder-sentenced-to-25-years-in-prison-for-fraud-money-laundering\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/newmail-ng.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FTX founder sentenced to 25 years in prison for fraud, money laundering\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/newmail-ng.com\/#website\",\"url\":\"https:\/\/newmail-ng.com\/\",\"name\":\"New Mail Nigeria\",\"description\":\"Hottest and Latest Updates of News in Nigeria. 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