Kelly O’Grady from FOX Business reported on the news of FTX founder Sam Bankman-Fried’s 25-year prison sentence and $11.2 billion fine. The former CEO is currently appealing both his conviction and sentence after being found guilty of defrauding investors and customers of his now-defunct cryptocurrency exchange. In November, a jury found Bankman-Fried guilty on all charges related to the collapse of his cryptocurrency exchange in the first of two criminal trials against him. Prosecutors accused him of misappropriating billions of dollars in customer deposits, deceiving investors, and instructing others at his businesses to do the same.
Judge Lewis Kaplan, who presided over Bankman-Fried’s trial and sentencing, had initially recommended that the fallen crypto king serve his time behind bars in San Francisco. However, in March, Kaplan sentenced Bankman-Fried to 25 years in prison despite prosecutors recommending a longer sentence. In an interview, Bankman-Fried stated that he did not believe his actions were illegal. The appeal process is ongoing, and the outcome remains uncertain.
