FTX co-founder Sam Bankman-Fried will serve 25 years in jail after being convicted of defrauding his clients, buyers, and lenders.The person who presided over the biggest crypto collapse in historical past acquired his sentence Thursday in a Manhattan federal court docket from US Choose Lewis Kaplan, who presided over Bankman-Fried’s trial final fall.He confronted as much as 110 years. Prosecutors argued for a sentence of 40 to 50 years, whereas Bankman-Fried’s legal professionals requested for six and a half years.Sentences for white collar crimes have diverse lately, from 150 years for Bernard Madoff to 11 years for Elizabeth Holmes.The 32-year-old Bankman-Fried, in his closing assertion earlier than the choose, stated what occurred at FTX “haunts me” and that “I made quite a lot of errors.”As CEO, “I used to be accountable on the finish of the day.”FTX co-founder Sam Bankman-Fried will be taught his jail sentence Thursday. (ASSOCIATED PRESS)Bankman-Fried’s protection lawyer tried to attract a distinction between his shopper and Madoff, who ran the biggest Ponzi scheme in historical past.”Madoff stole from Holocaust survivors,” his lawyer stated. “That’s not Sam. He didn’t wish to personally inflict ache on anybody in any method. Sam was not a ruthless monetary serial killer. He wasn’t predatory. He makes choices with math in his head, not malice in his coronary heart.”Dozens of FTX victims, together with those that stated they misplaced their life’s financial savings because of the demise of the cryptocurrency alternate, submitted letters urging Kaplan to impose a harsh sentence.A courtroom sketch of Choose Lewis Kaplan, who selected the sentencing of Sam Bankman-Fried. REUTERS/Jane Rosenberg (REUTERS / Reuters)The federal sentencing pointers, whereas advisory quite than necessary, counsel jail time period enhancements that lengthen sentences as victims’ losses improve.Kaplan needed to weigh the billions that prosecutors say Bankman-Fried stole from FTX clients towards claims made by FTX that those that have been harmed could also be absolutely repaid through FTX’s chapter.In January, legal professionals for the defunct alternate advised a Delaware chapter court docket choose {that a} plan for FTX to repay clients and common unsecured collectors in full was “inside attain.”Story continuesBut the choose was not sympathetic to that declare, calling the assertion “deceptive” and “speculative.”Kaplan additionally had some sturdy phrases about Bankman-Fried earlier than delivering his sentence, citing the “brazenness” of his actions, his “distinctive flexibility with the reality” and “his obvious lack of any regret.””He knew it was unsuitable,” the choose added.Rise and fallThe sentencing of Bankman-Fried completes a dramatic fall for a onetime billionaire who ran the world’s second-largest crypto alternate and was the face of a increase in digital property throughout the early years of the pandemic.His empire imploded in late 2022 as FTX filed for chapter and he was arrested by authorities within the Bahamas.His trial final fall captivated the monetary world. A 12-person jury finally sided with prosecutors who argued that Bankman-Fried intentionally stole as much as $14 billion in buyer deposits from his cryptocurrency alternate in a scheme that he carried out with three of his high executives.The group, prosecutors claimed, allowed Bankman-Fried’s sister crypto buying and selling agency Alameda Analysis “secret” backdoor entry to FTX’s buyer deposits, then spent the cash on investments, mortgage repayments, political donations, and actual property.”He spent his clients’ cash, and he lied to them about it,” prosecutor Nicolas Roos stated within the authorities’s closing argument.The opposite three FTX executives — Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and FTX engineering director Nishad Singh — pleaded responsible to fraud fees and testified towards Bankman-Fried beneath plea agreements with the federal government.They’re anticipated to be sentenced later in 2024.Bankman-Fried testified that poor enterprise choices and administration screwups — and never fraud — have been responsible for the undoing of his cryptocurrency alternate.”Did you defraud anybody?” Bankman-Fried’s lawyer, Mark Cohen, requested him throughout the defendant’s dangerous gamble to take the stand within the trial’s closing days.”No, I didn’t,” Bankman-Fried answered.Thursday’s sentencing ends all legal instances towards Bankman-Fried. Prosecutors have withdrawn plans to take a separate set of fees to trial alleging Bankman-Fried dedicated financial institution fraud and bribed Chinese language officers.Bankman-Fried, nonetheless, may nonetheless enchantment his conviction and sentencing.Alexis Keenan is a authorized reporter for Yahoo Finance. Observe Alexis on Twitter @alexiskweed.Click on right here for the most recent crypto information, updates, and extra associated to ethereum and bitcoin costs, crypto ETFs, and market implications for cryptocurrenciesRead the most recent monetary and enterprise information from Yahoo Finance