Produced by: Tarun Mishra
Sam Bankman-Fried, once a prominent figure in the cryptocurrency world, has been sentenced to 25 years in prison by US District Judge Lewis Kaplan.
Judge Kaplan criticized Bankman-Fried for showing no genuine remorse for his actions, despite acknowledging "a series of bad decisions."
The violations committed by Bankman-Fried were described as "brazen," with Judge Kaplan highlighting the defendant's disregard for the truth.
Along with the 25-year prison term, Bankman-Fried faces three years of supervised release and has been ordered to pay $11 billion in restitution.
Bankman-Fried was convicted by a federal jury in November 2023, following revelations of illegal financial activities involving billions of dollars.
The Justice Department welcomed the sentence, emphasizing its importance in deterring financial crimes and ensuring swift justice.
Bankman-Fried's parents expressed their heartbreak over the situation and vowed to continue supporting their son.
While the defence portrayed Bankman-Fried as well-intentioned but misguided, prosecutors highlighted the immediate financial harm inflicted on victims and emphasized the risk of future fraud.