The "largest financial fraud case in U.S. history" has come to an end, with former cryptocurrency tycoon Sam Bankman-Fried (SBF) sentenced to 25 years in prison and a fine of $11 billion.
On March 28, U.S. District Judge Lewis A. Kaplan finally announced in the Manhattan Federal Court that SBF was sentenced to 25 years in prison and confiscated more than $11 billion in assets for seven counts including conspiracy to defraud and conspiracy to money laundering involving FTX.
The trial of this financial fraud case began in early October last year, and the final sentencing date is scheduled for March 28, 2024. Last year, he was convicted of seven counts including fraud and money laundering, and could face up to 110 years in prison. However, the final sentence on March 28 was 25 years.
Before the verdict, SBF denied intentionally committing fraud and claimed that he and his crypto empire were victims of the 2022 market downturn and expressed "regret" for his actions at various stages.
However, Judge Kaplan rejected SBF's 20-minute statement, believing that he had not truly repented and that his crime was serious. Kaplan emphasized: "Although SBF has been convicted and faces imprisonment, he is at risk of endangering society again in the future. This risk is not insignificant and deserves serious consideration by the court."
During the trial, prosecutors accused SBF of abusing and transferring FTX funds for illegal personal and corporate activities, such as high-risk investments, more than 300 political donations, and the purchase of expensive real estate such as luxury homes. In the face of market and customer pressure, SBF used improper methods to repay debts, which ultimately led to the bankruptcy of the FTX exchange and huge losses of approximately US$10 billion to its customers.
Specifically, in 2022, amid volatile market conditions, borrowers began to demand that FTX return their funds. Faced with this situation, SBF was accused of using FTX customer funds to repay borrowers. As more and more customers withdrew their funds, FTX faced a financial crisis and filed for bankruptcy in November 2022, with SBF resigning as CEO. #美联储何时降息？ #美国CPI数据连续第4个月回落 #TON #BTC
