FTX CEO Sam Bankman-Fried, the corporate which previously sponsored the Mercedes Components 1 workforce, has been given a 25-year jail sentence.
Mercedes entered into partnership with cryptocurrency outfit FTX again in 2021 which noticed their branding function prominently for the workforce round paddock and on the monitor, however this union got here to an finish previous to the 2022 Brazilian Grand Prix.
Former Mercedes sponsor CEO jailed
The corporate had filed for chapter at that time and now, Bankman-Fried has been handed a 25-year jail sentence attributable to fraudulent actions.
Bankman-Fried was convicted in November on seven counts of fraud and conspiracy to launder cash, whereas he was additionally deemed accountable for dropping roughly $10 billion in buyer cash, his sentence having now been handed out at Manhattan federal courtroom.
Bankam-Fried has additionally been ordered to forfeit $11 billion in property to the USA authorities.
In handing out the sentence, Decide Lewis Kaplan mentioned: “There’s a threat that this man shall be in place to do one thing very dangerous sooner or later. And it’s not a trivial threat in any respect”, whereas including that Bankman-Fried had by no means supplied “a phrase of regret for the fee of horrible crimes.”
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As a part of an announcement issued by Mercedes following the suspension of their FTX alliance again on the 2022 Brazilian Grand Prix, the workforce mentioned: “As a primary step, we now have suspended our partnership settlement with FTX.
“This implies the corporate will now not seem on our race automotive and different branded property from this weekend.”
The 2022 Brazilian GP marks the scene of Mercedes’ most up-to-date Components 1 victory, George Russell having gained the dash race after which the Grand Prix, as Lewis Hamilton ensured a 1-2 end for the workforce on Grand Prix Sunday.
Since then Mercedes have been unable to take to the highest step of the rostrum once more amid intense Crimson Bull domination of the game. Ferrari’s Carlos Sainz is the one non-Crimson Bull Grand Prix winner since 2022, his newest of three victories coming final outing on the Australian Grand Prix.
Learn subsequent – Lewis Hamilton’s worst F1 season begins and what occurred subsequent: The place might 2024 probably rank?