Sam Bankman-Fried, founder of the fraud-ridden cryptocurrency exchange FTX, was sentenced to 25 years in prison Thursday, the culmination of the disgraced former billionaire’s fall from grace after the collapse of his firm in November 2022.
“A lot of people feel really let down, and they were very let down, and I am sorry about that,” Bankman-Fried told the Manhattan court Thursday before he received his sentence, according to CNN.
“I am sorry about what happened at every stage,” he said. “And there are things I should’ve done and things I shouldn’t have.”
U.S. District Judge Lewis Caplan, who handed down the 25-year-sentence, said Bankman-Fried had shown no remorse for stealing $8 billion from customers of the FTX cryptocurrency exchange.
“He knew it was wrong,” Kaplan said, per Reuters. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”
Kaplan ruled that FTX customers customers lost $8 billion, FTX’s equity investors lost $1.7 billion, and that lenders to the Alameda Research hedge fund Bankman-Fried founded lost $1.3 billion.
Bankman-Fried has vowed to appeal his conviction and his sentence.
Following Bankman-Fried’s November 2023 conviction, the U.S. Attorney for the Southern District of New York called on political committees that received donations from FTX to return the money, which the federal prosecutor said “represent the proceeds of Bankman-Fried’s crimes.”
The Maine Democratic Party was the recipient of $100,000 donation from top FTX executive Nishad Singh in August 2022.
[RELATED: U.S. Attorney Demands Return of FTX Dirty Money, Including Maine Dems’ $100,000…]
In December 2022, Maine Democratic Party Vice Chair Bev Uhlenhake told the Bangor Daily News that the party was in a “holding pattern” as courts worked out Bankman-Fried’s criminal case.
“I need a lot more information,” Uhlenhake told the outlet. “What I will say is that we will navigate in the most ethical way possible.”
Two Maine Democratic Party officials did not immediately respond to a request for comment on whether they have, or plan to, return the FTX donation.
U.S Senator from Maine Susan Collins (R) received a $5,800 donation from FTX. Her office told the WSJ almost immediately after Bankman-Fried was indicted that she would donate an equivalent amount to charity.
According to campaign finance records, Collins for Senator disbursed $2,900 to the Harrison Food Bank and $2,900 to the Aroostook County Food Bank on Dec. 29, 2023.
Bernie Madoff was sentenced to 150 years. SBF was wise to donate to Democrat’s campaigns – what price is 125 years worth?
good blog
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