Sam Bankman-Fried

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Former FTX Exec Sentenced for 'Astonishing' Crimes

Ryan Salame handled illegal campaign contributions for Sam Bankman-Fried

(Newser) - One of Sam Bankman-Fried's top deputies at collapsed cryptocurrency exchange FTX was sentenced Tuesday—and US District Court Judge Lewis Kaplan gave Ryan Salame a stiffer sentence than prosecutors had asked for. Calling the 30-year-old's crimes "astonishing," Kaplan sentenced him to 7.5 years in federal...

SBF's New Hot Commodity: Prison Rice

Vegan inmate gives jailhouse interview about adjusting to life behind bars

(Newser) - Sam Bankman-Fried is speaking from his new living accommodations at the Metropolitan Detention Center Brooklyn, vis a vis an interview he gave to William D. Cohan of Puck . Cohan wasn't allowed recording devices, pen, or paper during the 75-minute interview with the founder of crypto exchange FTX, but...

'An Unbelievable Result' in FTX Bankruptcy

Customers to have value of assets repaid, with interest

(Newser) - Customers of Sam Bankman-Fried's imploded cryptocurrency exchange will get paid—with interest. FTX says it will have billions more than owed to customers once it wraps up the sale of its remaining assets, including investments held by Bankman-Fried's crypto trading firm Alameda Research and FTX Ventures. It expects...

SBF, at 32, Is Likely Behind Bars Until Age 51
SBF, Facing
25 Years,
Begins Appeal

SBF, Facing 25 Years, Begins Appeal

Process could take years to play out

(Newser) - Sam Bankman-Fried filed a notice of appeal on Thursday, beginning his effort to fight his fraud convictions and the accompanying 25-year prison sentence he received two weeks ago. The case will be heard by a three-judge panel of the 2nd Circuit US Court of Appeals in Manhattan, CNBC reports. The...

SBF: 'I'm Haunted, Every Day, by What Was Lost'

'I never thought that what I was doing was illegal,' says FTX founder Sam Bankman-Fried

(Newser) - Held up in Brooklyn's Metropolitan Detention Center, Sam Bankman-Fried at least has access to email, which he used to communicate with ABC News over the weekend, detailing his remorse for defrauding investors out of $8 billion. "I'm haunted, every day, by what was lost," said the...

SBF Gets 25 Years: 'My Useful Life Is Probably Over'

Sam Bankman-Fried is sentenced over cryptocurrency fraud

(Newser) - Sam Bankman-Fried is going to federal prison for a long time over his fraud conviction in the world of crypto, though not as long as prosecutors wanted. Judge Lewis Kaplan on Thursday sentenced the 32-year-old former wunderkind to 25 years related to the collapse of his FTX crypto exchange, which...

SBF Will Learn His Fate Today
SBF Will Learn His Fate Today

SBF Will Learn His Fate Today

Prosecutors are seeking up to 50 years

(Newser) - Former cryptocurrency kingpin Sam Bankman-Fried will be sentenced Thursday for crimes including wire fraud and conspiracy to commit wire fraud. There's no question that the 32-year-old will face years in federal prison but there's a big gap between recommendations from prosecutors and those from his defense lawyers, the...

SBF Prosecutors Recommend at Least 40 Years in Prison

Cryptocurrency criminal still doesn't accept responsibility, memo says

(Newser) - A considerable gap now exists between the sentencing recommendations filed by Sam Bankman-Friedman's lawyers and those made Friday by federal prosecutors. The maximum possible prison sentence for the former cryptocurrency kingpin, who was convicted of seven counts of fraud and conspiracy, is 110 years. Prosecutors' memo filed in US...

Lawyer's Argument: SBF Suffers From Anhedonia

His lawyers, parents, and others argue he should serve no more than 6.5 years in prison

(Newser) - Probation officers recommended that Sam Bankman-Fried spend 100 years in prison—and his lawyers, family, and others on Tuesday argued that was "barbaric," that the 31-year-old risks being in "extreme danger," and that a sentence of 63 to 78 months (that's 6.5 years on...

Prosecutors: No Need for 2nd Trial of FTX Founder

Prosecutors say there would be harm, no benefit, in trying SBF again

(Newser) - A second trial of FTX founder Sam Bankman-Fried on charges not in the cryptocurrency fraud case presented to a jury that convicted him in November is not necessary, prosecutors told a judge Friday. Prosecutors told US District Judge Lewis A. Kaplan in a letter that evidence at a second trial...

Forbes Would Like These Under-30 Picks Back

Sam Bankman-Fried leads the way

(Newser) - Forbes would like a do-over, please. Specifically, over its annual "30 Under 30" list that celebrates the accomplishments of young entrepreneurs. So many of the honorees have wound up in disgrace over the years that it's become something of a joke, notes Business Insider . (Witness this tweet...

Report: SBF Is Using Fish as Currency in Prison

'The mack currency system is far more stable than crypto'

(Newser) - As he awaits sentencing for seven felonies connected to the collapse of cryptocurrency exchange FTX, Sam Bankman-Fried has learned to use a different kind of currency. Sources tell the Wall Street Journal that Bankman-Fried, like other inmates at Brooklyn's Metropolitan Detention Center, has been using pouches of mackerel as...

Another Giant in World of Crypto Goes Down

Changpeng Zhao of Binance pleads guilty to money-laundering charge, plans to step down as CEO

(Newser) - The founder of Binance, the world's largest cryptocurrency exchange, pleaded guilty Tuesday to a felony charge that he failed to take steps to prevent money laundering following an investigation by the US government. CEO Changpeng Zhao's company also agreed to pay more than $4 billion in fines and restitution....

Jury Convicts Bankman-Fried of All Fraud, Conspiracy Counts

FTX founder faces 115 years in prison

(Newser) - Sam Bankman-Fried, whose FTX cryptocurrency exchange collapsed and cost his customers billions of their savings, was convicted Thursday on all seven criminal counts he faced in a federal fraud trial. He could be sentenced to as long as 115 years in prison, the Washington Post reports. The federal jury in...

In Closing, Prosecutor Gives SBF an Earful

Defense lawyer counters that his client just made mistakes

(Newser) - For more than two hours in his closing argument Wednesday, a federal prosecutor told the jury in various ways that Sam Bankman-Fried is a liar. The cryptocurrency exchange founder "lied about big things and small things," Assistant US Attorney Nicolas Roos said. Bankman-Fried answered that he "couldn'...

Judge to Sam Bankman-Fried: 'Just Answer the Question'

FTX founder is 'vague,' 'curt' under cross-examination

(Newser) - The cross-examination of Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, began Monday; it was SBF's second day on the stand after testifying in his own defense Friday. On that day, some of his answers were so lengthy and meandering the judge asked him to stop talking . On Monday,...

SBF Testifies to 'Significant Oversights'

Judge scolds FTX founder over rambling answers

(Newser) - Sam Bankman-Fried told a jury Friday that mistakes were made in his management of FTX but that he didn't tell any employees to do anything illegal. "There were significant oversights," the collapsed cryptocurrency exchange's founder conceded while testifying in his fraud trial in New York. Bankman-Fried...

Judge Hears Partial Testimony From SBF First, Without Jury
SBF Runs
Testimony By
Judge First

SBF Runs Testimony By Judge First

Jurors are sent home before decision is made on what defendant can tell them

(Newser) - Sam Bankman-Fried took a test run at testifying at his New York fraud trial Thursday when a judge sent jurors home so he could hear snippets of testimony and decide what the FTX founder will be allowed to tell them, the AP reports. Bankman-Fried has decided to testify Friday to...

Sam Bankman-Fried Will Roll the Dice, Take the Stand

Legal experts say it could be the Hail Mary he needs

(Newser) - In what's being categorized as a legal Hail Mary, a lawyer for Sam Bankman-Fried on Wednesday confirmed the FTX founder plans to take the stand in his defense. With federal prosecutors poised to rest their case Thursday morning, the AP reports Judge Lewis A. Kaplan put it like so...

As SBF's Trial Plows Ahead, Questions Arise on His Parents

Bloomberg details Joe Bankman, Barbara Fried's influence and involvement in FTX crypto empire

(Newser) - Last December, FTX founder Sam Bankman-Fried insisted to the New York Times that his parents, Joseph Bankman and Barbara Fried, "weren't involved in any of the relevant parts" of his now-defunct cryptocurrency business. Writing for Bloomberg , Max Chafkin and Hannah Miller dive deeper into that murky relationship, coming...

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