FTX Founder Is Sentenced to 25 Years in Prison

On Thursday, FTX founder Sam Bankman Fried was sentenced to nearly 25 years in prison for his involvement in a criminal fraud trial that resulted in the loss of $8 billion by retail investors.

The sentence, handed down by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York, also includes an order for Bankman-Fried to pay back up to $11 billion in losses to investors and lenders.

The judge cited the defendant’s lack of remorse and tendency to bend the truth as factors in the sentencing. However, the 24.25-year prison term falls short of the prosecutors’ recommendation by 15 years.

Bankman-Fried’s legal team attempted to paint him in a more sympathetic light, describing him as a brilliant mind with a talent for math rather than a malicious individual.

“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” said defense lawyer Mark Mukasey. However, Judge Kaplan did not agree with this characterization.