Judge sentences FTX founder to 25 years in prison

U.S. District Court Judge Lewis Kaplan on Thursday sentenced Sam Bankman-Fried to 25 years in prison after a jury found him guilty of defrauding customers and investors. Prosecutors had been seeking to put him away for as many as 50 years, according to prosecutors’ sentencing memorandum.

What exactly did he do? Bankman-Fried lied to investors of his cryptocurrency exchange platform FTX about where he was putting their money, according to Justice Department charges. He also used their money to cover personal and business expenditures and to fund speculative venture investments, as detailed in the indictment.

What did Bankman-Fried have to say? Bankman-Fried maintained his innocence on all charges. He is expected to appeal his conviction and his sentence.

Dig deeper: Read Hunter Baker’s column in WORLD Opinions about how a substantive punishment for Bankman-Fried will speak to the credibility of the U.S. justice system.