It’s finally happened. FTX founder Sam Bankman-Fried is off to jail for 25 years for fraud and conspiracy. But never forget. Never forget.

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FTX founder Sam Bankman-Fried sentenced to 25 years

Sam Bankman-Fried has been sentenced to 25 years in prison for the large-scale fraud and conspiracy that brought down his FTX crypto exchange and its sister company Alameda Research.

Prosecutors said Bankman-Fried led a conspiracy to loot customer money to make investments, fund political donations, and for personal use. The sentence was much less than the 40-50 years federal prosecutors wanted, but more than the 5-6.5 years suggested by his attorneys.

Before being sentenced, Bankman-Fried suggested that the billions of dollars customers lost was the result of a “liquidity crisis” or “mismanagement,” not fraud. But he was apologetic.

“A lot of people feel really let down. And they were very let down,” he said. “And I’m sorry about that. I’m sorry about what happened at every stage.”

Bankman-Fried suggested that customers eventually would get back the money they placed with FTX, and blamed the bankruptcy court for not making that happen.

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