Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail following his conviction in one of the biggest financial fraud cases in history.
US prosecutors were seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller’s spectacular fall.
During the hearing Bankman-Fried told the courtroom that he was “sorry about what happened at every stage. And there are things I should’ve done and things I shouldn’t have.”
The final sentence was meted out by US District Judge Lewis Kaplan who used the hearing to carefully walk through the financial crimes committed by Bankman-Fried.
With the sentencing now done, Bankman-Fried is expected to appeal his conviction.
A New York jury found Bankman-Fried guilty in November following the lengthy trial that probed his stunning downfall.
Calling Bankman-Fried’s seven-count conviction reflective of the defendant’s “unmatched greed and hubris,” the government’s sentencing request argued for significant jail time in light of fraud it estimates at more than $10 billion.
