By Michael Washburn | The Epoch Times
NEW YORK—A federal judge on March 28 sentenced FTX founder Sam Bankman-Fried to 25 years in prison for defrauding investors of $8 billion in the fallen cryptocurrency exchange.
U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Mr. Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony. In November, jurors convicted Mr. Bankman-Fried of all seven counts of conspiracy and fraud with which government lawyers charged him.
“He knew it was wrong,” Judge Kaplan said of Mr. Bankman-Fried before handing down the sentence. “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.”