Sam Bankman-Fried sentenced to 25 years in prison
Sam Bankman-Fried, the former chief exec of FTX and owner of Alameda Research, has been sentenced to 25 years in prison today, according to reporting from Inner City Press. This sentence comes after a jury found him guilty of multiple felony offenses, including wire fraud, conspiracy to commit fraud, and money laundering conspiracy. Both FTX and Alameda Research declared bankruptcy following the misappropriation of billions of dollars of funds by Bankman-Fried and his co-conspirators. Bankman-Fried’s defense has claimed that the losses from these collapsed firms should not be considered, stating that the bankruptcy was likely to have a full recovery. Current FTX CEO John J. Ray III said this was “categorically, callously, and demonstrably false.” Inner City Press reported that Judge Kaplan agreed with Ray’s characterization, claiming the defense’s argument was misleading . Judge Kaplan: I reject the defense's argument about loss, both ...