Sam Bankman-Fried was sentenced Thursday to 25 years in jail for his function in defrauding customers of the collapsed cryptocurrency change FTX.In a federal courtroom in decrease Manhattan, U.S. District Decide Lewis Kaplan known as the protection argument deceptive, logically flawed and speculative. He stated Bankman-Fried had obstructed justice and tampered with witnesses in mounting his protection — one thing Kaplan stated he weighed in his sentencing resolution. Bankman-Fried, carrying a beige jailhouse jumpsuit, struck an apologetic tone, saying he had made a collection of “egocentric” choices whereas main FTX and “threw all of it away.””It haunts me each day,” he stated in his assertion. Prosecutors had sought as a lot as 50 years, whereas Bankman-Fried’s authorized workforce argued for not more than 6½ years. He was convicted on seven prison counts in November and had been held on the Metropolitan Detention Middle in Brooklyn since.In a press release following Thursday’s sentencing, Damian Williams, United States Lawyer for the Southern District of New York, stated Bankman-Fried had orchestrated one of many largest frauds in monetary historical past.“In the present day’s sentence will forestall the defendant from ever once more committing fraud and is a crucial message to others who is likely to be tempted to have interaction in monetary crimes that justice might be swift, and the results might be extreme.”Bankman-Fried plans to attraction each his conviction and sentence. A spokesperson for his dad and mom issued a press release on their behalf: “We’re heartbroken and can proceed to struggle for our son.”Bankman-Fried’s legal professionals had pleaded for leniency, citing what they described as psychological well being struggles and his purported generosity in his private life. Additionally they argued that FTX customers had not finally suffered substantial losses — one thing present FTX administrator John Ray stated was false in a letter to Kaplan prematurely of Thursday’s sentencing.However prosecutors argued the brazenness of the crime, the extent of the victims’ losses and damages and Bankman-Fried’s evident lack of regret meant a harsher sentence was warranted.Late Tuesday, prosecutors filed paperwork from victims testifying about how Bankman-Fried’s actions had harmed them.“My complete life has been destroyed,” wrote one, whose title was redacted, in a letter dated March 15. “I’ve 2 younger kids, one born proper earlier than the collapse. I nonetheless keep in mind the weeks following the place I’d stare blankly into their eyes, utterly empty inside understanding their futures have been stolen by means of no fault of our personal. I didn’t gamble on crypto. I didn’t make any crypto positive factors. I had my [bitcoin] which I had collected over years deposited on FTX as a custodian. I didn’t comply with the chance that SBF took with my funds.” The person added he was affected by melancholy and that his spouse had change into suicidal.“I do know we will by no means make that form of a reimbursement ever once more,” he wrote.One other individual wrote about how the lack of funds had affected quite a few life plans, together with a marriage.“Every passing day is a painful reminder of the alternatives stolen from me, compounding emotions of hopelessness and despair,” the individual wrote. “The burden of economic break weighs closely on my shoulders, main me to grapple with fixed ideas of suicide and considerably impairing my capacity to carry out at work.”Within the current annals of white-collar crime, Bankman-Fried’s sentence is a few years longer than what most others discovered responsible have acquired. Theranos founder Elizabeth Holmes acquired about 11 years. Former WorldCom CEO Bernie Ebbers acquired 25 years. Former Enron CEO Jeff Skilling acquired 24 years. Bernie Madoff acquired 150 years and died in jail at age 82. FTX was as soon as valued at greater than $30 billion, with Bankman-Fried’s web price estimated at greater than $20 billion. FTX collapsed in November 2022 after it was revealed that it had a serious money shortfall. At his trial, prosecutors stated Bankman-Fried robbed FTX prospects of as a lot as $8 billion to fund an unlimited array of out of doors pursuits, together with political initiatives, speculative investments and funding of FTX executives’ existence. Three different FTX executives testified in opposition to him.Bankman-Fried “didn’t discount for his three loyal deputies taking that stand and telling you the reality: that he was the one with the plan, the motive and the greed to raid FTX buyer deposits — billions and billions of {dollars} — to provide himself cash, energy, affect. He thought the principles didn’t apply to him. He thought that he may get away with it,” Assistant U.S. Lawyer Danielle Sassoon advised the jury. Bankman-Fried’s protection argued that he was merely borrowing the funds to run his Alameda Analysis funding group, which he believed was allowed, and that he was unaware of how a lot debt he had racked up.He stated he “made quite a few small errors and quite a few bigger errors.” But many specialists agreed Bankman-Fried got here throughout as an unsympathetic determine. Paul Tuchmann, a former federal prosecutor who’s now a companion with Wiggin and Dana LLP, advised CNBC that Bankman-Fried’s testimony had been “unpersuasive” and famous it took the jury solely three hours to convict him on every depend. Trial lawyer James Koutoulas stated in an CNBC interview, “Nobody had a shred of help for SBF, nor ought to they’ve.” The U.S. Bureau of Prisons will take into account which federal penitentiary to ship him to.