Sam Bankman Fried (scam banker fraud) 25 years

[franky1]

so the sentencing is in.. and it seems he is getting 25 years. good(shoulda got longer)
obviously he will try and appeal it. but atleast he isnt going to get to play CEO again any time soon (he was hoping to be allowed to be free to get back to business to 'make everyone whole' unpunished)

this might make a few other scammers realise trading in crypto does not alleviate them of the law, a scam is still a scam no matter what the asset/value/currency is

[1714635728]

1714635728

[Tyke]

so the sentencing is in.. and it seems he is getting 25 years. good(shoulda got longer)
obviously he will try and appeal it. but atleast he isnt going to get to play CEO again any time soon (he was hoping to be allowed to be free to get back to business to 'make everyone whole' unpunished)

this might make a few other scammers realise trading in crypto does on alleviate them of the law, a scam is still a scam no matter what the asset/value/currency is

Justice I will add it to my history book

[Ruttoshi]

Serves him right, with all the investors funds that he mismanaged and made them start all over again, he should be given 50 years, so that he will not think of running any business anymore. Because such person might still come out and decide to continue to scam more people.

I just hope that other people like him would learn from him, but it seems like scammers don't care about what has happened to the previous scammers, but they will still continue as long as they have not been caught. I am happy that Justice has been done to SBF.

[Nwada001]

He is even lucky to get a 25-year sentence after the whole thing; he should just accept it instead of trying to appeal his way out of it.

He is not supposed to get anything less than 20 years in prison so that he can also feel the pain that others who lost their money and lived as a result of his selfish decision feel.

Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud

I watched somewhere on the news where the parent made a statement, “We are heartbroken and will continue to fight for our son.” Is it that they don't know that their son is guilty or what, or are they using the love they have for their child to blind themselves to what's right?

[Die_empty]

so the sentencing is in.. and it seems he is getting 25 years. good(shoulda got longer)
obviously he will try and appeal it. but atleast he isnt going to get to play CEO again any time soon (he was hoping to be allowed to be free to get back to business to 'make everyone whole' unpunished)

25 years is less than the 40-50 years suggested by the federal persecutors, so he should not feel too bad. He is also to pay $11 billion in forfeiture, which will make him totally broke. At the end of his prison term, he would be 57 and would have a limited time to pursue his goals and ambitions. He is fortunate that he is not from some authoritarian nation that would have sentenced him to death or life imprisonment. The US has one of the best prison systems that give convicts the privilege of getting parole after some years. So it is possible he could get parole since the sentence is not without parole. But his parents said after the sentence that they would continue to seek justice for their son, which means the judgement will be appealed as soon as possible.

this might make a few other scammers realise trading in crypto does on alleviate them of the law, a scam is still a scam no matter what the asset/value/currency is

Throughout his trial, Sam Bankman-Fried has never accepted that he committed fraud or scam. He has always maintained that FTX went bankrupt because of a liquidity crisis. When he was lying to investors, living in luxury and giving donations like Santa Claus, he never knew that it was wasting other people's money.

[rachael9385]

This is good, their acts has has destroyed many people life's and they should be punished for that. However, if am not mistaken, I think this happened around November 2022 and till date the whole maters was conner sided (although is was still on investigation process then) but now it's already revealed to everyone that they are guilty of the crimes and they should serve the government for the tim/years that was given to them.
Just imagine how they ruined the live of the innocent people when they scammed them, now they have to start they investment from below, the age they have passed they still have to go back and continue from there (very bad).

@Nwada001

“We are heartbroken and will continue to fight for our son.”

That's bad of them, the parents are supporting their child because they don't believe their children is already guilty of the crime committed. The USA judiciary system is very corrupt that's the reason why they always prolong the matters from 2022 till date.

[countryfree]

When I hoped he'll go to jail, many thought he would remain free, that he was above justice because of all his political relations. I'm happy to see they didn't help. A 25 years sentence is more than I had wished. He's still a young guy, but he'll be old and broke when free. It's also quite likely he will still have plenty to pay back to the people he robbed, meaning that whatever job he'll get, part of his salary will be seized, and that he will remain poor for the rest of his life.

Tough for him, but good for crypto. This is an example to other crypto start-ups and exchanges. Now, they know that they have to behave, otherwise they'll end up in jail.

[franky1]

for details
https://www.courtlistener.com/docket/66631291/united-states-v-bankman-fried/?order_by=desc

The defendant is sentenced to 240 months on each of counts 1 through 4 and 7. The terms on each of counts 1, 2 and 7 shall be served concurrently with each other. The term on each of counts 3 and 4 shall be served concurrently with each other. The first 189 months of the terms on each of counts 3 and 4 shall be served concurrently with the terms on Counts 1, 2 and 7 and the balance of 51 months on the terms on each of counts 3 and 4 shall be served consecutively to the terms on counts 1, 2 and 7. IT IS FURTHER ADJUDGED that he be committed to the custody of the Attorney General of the United States for a term of imprisonment of 51 months on each of counts 5 and 6. The terms counts 5 and 6 shall be served concurrently with each other, consecutively to those on Counts 1, 2 and 7, and concurrently with the 51 month portions of the terms on Counts 3 and 4 that are to be served consecutively to the terms on counts 1, 2 and 7. The foregoing results in an aggregate term of imprisonment of 291 months. He shall thereafter shall serve a term of 3 years on supervised release

count 1: 240 months (20 years)
count 2: 240 months (20 years)
count 3: 189months+51month (240 months (20 years))
count 4: 189months+51month (240 months (20 years))
count 5: 51month (4.25 years)
count 6: 51month (4.25 years)
count 7: 240 months (20 years)

so 1,2,7 served side by side at same time(concurrent) along with 189months of count 3&4
meaning majority of 5 counts of many years(91.5 years) served as one lump of 20 years

51 months of 3&4 and counts 5&6 served as another single lump after(consecutive) the 240 months single lump

so its actually more like 24 years and 3 months in total(24.25 years(291 months))
(personal opinion it should have all been consecutive)
20+20+20+20+20+4.25+4.25=108.5 years

[8rch7]

The amount of fraud reached trillions, I think the sentence received by Sam Bankman was very appropriate, there was no intention to return consumer balances from the FTX market which was the judge's consideration in giving a sentence of 25 years in prison.
I felt a little relieved by what he got because he took responsibility for what he had done and I also lost a large amount on the FTX market.

Hopefully the punishment received by FTX founder Sam Bankman will be a lesson for future owners of exchanges or coin projects if they commit fraud and must be prepared to face the risk of being imprisoned for more than 25 years, maybe this will be very effective in providing a lesson for scammers in cryptocurrency.

[Ryu_Ar1]

The decision has been made and there will definitely be a lot of people who don't accept this, including myself because the punishment given for SBF's behavior is not really worth it and should be longer.
But in the end when the decision is made we can't push any further because in the end all parties just have to accept this.

But in a way I agree with what you said because in the end fraud is still fraud and this is precisely what is noticed because when the punishment for a big fraud like this is only sentenced to 25 years it will seem trivial with the results he gets in the end.
But hopefully this case is not like other scams where Do Kwon who also did the same thing and was arrested was released now. I hope the 25 years is really 25 years without any reduction in the sentence.

[darkangel11]

Definitely a low sentence, especially when compared to what Ross got. I'd say he scratched a couple of backs during his reign as "the king of crypto" and now he's being scratched back.
How many of you believe that he's going to spend 25 years in prison? I guess that his friends in high places are going to make sure he gets moved to a low security facility and then to a prison camp for good behavior, health problems, or whatever. Finally he'll be released early. I give him 10 years of actual prison at most and he's out enjoying private jets, yachts and all that.

[serveria.com]

I've read the comments and I am a bit surprised: my views are a bit more lenient and tolerant. I believe that financial crimes should cause FINANCIAL consequences/punishment. FFS, take all his money, ban him from doing business for life etc but I think 25 years in jail is an overkill. Just my subjective opinion.

[franky1]

I've read the comments and I am a bit surprised: my views are a bit more lenient and tolerant. I believe that financial crimes should cause FINANCIAL consequences/punishment. FFS, take all his money, ban him from doing business for life etc but I think 25 years in jail is an overkill. Just my subjective opinion.

my views are also that rapists and murders should get life that means life.. and those crimes should be hardened and made harsher first..
and then financial crimes dealt with less harshness below that.. but..

but when financial crimes then cause physical harm(people commit suicide due to losses caused by others) then added charges of manslaughter should be added to a financial crime and sentenced accordingly..
. but even without single suicide/death.. many people would have individually filed for damages of mental injury(stress, depression) which cumulatively would have added up to decades/centuries.. which would also then be fair..
and so when you read sentencing guidelines that have different timescale categories about numbers of victims, amount of value victimised.. you start to appreciate that they TRY to find a fair balance..

what i dislike is the whole concurrent policy vs consecutive or where "life" no longer means life

if he had 7 charges totalling 108 years.. that should be the end sentance

[Z-tight]

I've read the comments and I am a bit surprised: my views are a bit more lenient and tolerant. I believe that financial crimes should cause FINANCIAL consequences/punishment. FFS, take all his money, ban him from doing business for life etc but I think 25 years in jail is an overkill. Just my subjective opinion.

I am sure so many people are going to disagree with your opinion, the jail term serves as deterrent to others. If people know that they can run their business anyhow they like, misappropriate funds, commit fraud and use customers fund for their own benefit, and then in the end they get fined and banned from running their company, surely we would see the likes of sbf multiply.

Take note that financial crimes cause a lot of harm to the creditors or victims, some of which commit suicide because of the huge losses. I honestly expected sbf to get a stronger sentence, but yeah.

[headingnorth]

Only 25 years? The King of Shitcoins got off easy considering Bernie Madoff received a prison sentence of 150 years.

If I were the judge I would have given him a minimum of 75 years to make sure he will never be released to do it again.

[livingfree]

With all of the ruckus he's made with people's money, I think as well that it should be longer.

Only 25 years? The King of Shitcoins got off easy considering Bernie Madoff received a sentenced of 150 years.

If I were the judge I would have given him a minimum of 75 years to make sure he will never be released to do it again.

No need to give figures but just have a verdict of a lifetime sentence and that's no negotiation needed to lessen it even with good conduct inside the prisons.

Is it possible that one of the victims will file something and request to prolong his sentence?

[Orpichukwu]

I've read the comments and I am a bit surprised: my views are a bit more lenient and tolerant. I believe that financial crimes should cause FINANCIAL consequences/punishment. FFS, take all his money, ban him from doing business for life etc but I think 25 years in jail is an overkill. Just my subjective opinion.

If the Fed seizes all his funds and property, what else do they want to use that for? If they can't channel those properties into funds, they can use all that to pay back some of the affected victims and not convert it into government assets if they have the intention of doing that.
 
Banning him from managing or having any business for the time being is also a good decision, as he has proven himself not to be trusted with public funds, and as such, he should be revoked of such access.

[franky1]

Only 25 years? The King of Shitcoins got off easy considering Bernie Madoff received a sentence of 150 years.

If I were the judge I would have given him a minimum of 75 years to make sure he will never be released to do it again.

he did get 108.5 years. but the judge decided to do most of the sentence side by side(concurrently) instead of one after the other (consecutively)

[AmoreJaz]

I've read the comments and I am a bit surprised: my views are a bit more lenient and tolerant. I believe that financial crimes should cause FINANCIAL consequences/punishment. FFS, take all his money, ban him from doing business for life etc but I think 25 years in jail is an overkill. Just my subjective opinion.

I am sure so many people are going to disagree with your opinion, the jail term serves as deterrent to others. If people know that they can run their business anyhow they like, misappropriate funds, commit fraud and use customers fund for their own benefit, and then in the end they get fined and banned from running their company, surely we would see the likes of sbf multiply.

Take note that financial crimes cause a lot of harm to the creditors or victims, some of which commit suicide because of the huge losses. I honestly expected sbf to get a stronger sentence, but yeah.

The sentence may be lenient, but at least he's being punished here. I hope he won't go back to any business or manage any in the future. We know, a lot of investors suffered from this failed company. Now, people should be very cautious on where they will put their money into. Learn the lessons well, and remind yourself not to ride the hype.

Only 25 years? The King of Shitcoins got off easy considering Bernie Madoff received a prison sentence of 150 years.

If I were the judge I would have given him a minimum of 75 years to make sure he will never be released to do it again.

We don't know the full basis of the judge how he came up with the sentence but for sure he had done his duty on how he got this sentence. Definitely, they have long hours studying this high-profile case. Consultations, discussions and a lot more have been done. So we can't judge the judge how he gave this sentencing for SBF.

[PX-Z]

I just hope that other people like him would learn from him, but it seems like scammers don't care about what has happened to the previous scammers, but they will still continue as long as they have not been caught. I am happy that Justice has been done to SBF.

These kind of people (big time scammers) are often have exit plans, it just it never work on Bankman, he is too obvious for that to not get an attention. Any businesses with frauds should be given punishment like this so people will unlikely to imitate them.