LIVE: Sam Bankman-Fried gets sentenced in FTX case

Legal • March 28, 2024, 10:35AM EDT

Published 1 minute earlier on

Quick Take

The Block’s live coverage of Sam Bankman-Fried’s sentencing for his role in the FTX/Alameda fraud case.

10:38 a.m.

Former FTX Sam Bankman-Fried faces sentencing today, marking his return to a Manhattan courtroom after a dramatic trial and subsequent guilty verdict.

Bankman-Fried was found guilty in November by a jury in New York of all seven criminal counts of defrauding the customers, lenders and investors of FTX. Prosecutors say Bankman-Fried orchestrated "likely the largest fraud in the last decade," making comparisons to Ponzi scheme mastermind Bernie Madoff.

Bankman-Fried's family pleaded with the court, saying the disgraced former crypto market wunderkind is "wracked with remorse" and worries about his safety in prison. Letters flooded in over the past few days, some supporting Bankman-Fried, touting his commitment to veganism and saying he cared about doing good things for the world. Others say they lost life savings and said their losses caused severe anxiety and distress.

Prosecutors have argued that Bankman-Fried, 32, should be in prison for 40 to 50 years, while his defense says that figure should be closer to six and a half years. Some legal experts expect that figure will be closer to 20 to 30 years.

After sentencing, Bankman-Fried will be moved from the Metropolitan Detention Center to a longer-term prison, said Braden Perry, partner at Kennyhertz Perry and a former federal enforcement attorney."The decision is up to the Bureau of Prisons based on his classification and availability but he can request a certain location and the judge pass that request on to the BOP," Perry said. "I would assume he will request a minimum security camp somewhere near his family in California."

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About Author

Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.