Judge Rips Bankman-Fried, Throws Him in Prison for DECADES

U.S. District Judge Lewis Kaplan excoriated FTX founder Sam Bankman-Fried during his sentencing hearing on Thursday, declaring that the convicted fraudster had perjured himself on the stand and attempted to commit witness tampering. Kaplan then sentenced Bankman-Fried to 25 years in prison, capping a stunning downfall for the former public face of crypto.

Bankman-Fried, who was convicted on seven fraud and conspiracy counts in November, has been locked up since August, when Kaplan got fed up with his pretrial antics and remanded him into custody.

During Thursday’s hearing, Kaplan rejected Bankman-Fried’s claim that he deserves a lighter sentence because many of his victims may be made whole on their lost investments. That may happen, the judge noted, but only because cryptocurrencies have skyrocketed in value. He offered an analogy to explain why Bankman-Fried is still culpable: If a thief steals money, takes it to Las Vegas, and earns a handsome profit by gambling, he is still a thief, even if the funds are repaid.

Read more at The Daily Beast.