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Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors say (www.reuters.com)

submitted 6 months ago by dominiquec@lemmy.world to c/technology@lemmy.world

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NEW YORK, March 15 (Reuters) - Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. ... "Even now Bankman-Fried refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money."

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[-] toastus@feddit.de 108 points 6 months ago

I mean he defrauded rich people.

Off course he gets the book.

[-] Tolstoshev@lemmy.world 37 points 6 months ago

The Madoff Mistake, a classic.

[-] Croquette@sh.itjust.works 3 points 6 months ago

The only time there is real consequences

[-] underisk@lemmy.ml 41 points 6 months ago

gambling repeatedly with other people’s money

so... a stock broker?

[-] danhab99@programming.dev 4 points 6 months ago

I am dying of curiosity to learn what SBF actually did with 8billion dollars.. like how much money can you spend before you run out of things to spend on?

[+] polygon6121@lemmy.world -18 points 6 months ago

Fuck that. Because he gambled with rich peoples money? How would a 40 year prison sentence rehabilitate him from that.. I say it is pointless, release the man! In fact, we need more like him. Eat the rich!

[-] xthexder@l.sw0.com 31 points 6 months ago

FTX had over a million users, and was advertising publicly on things like the Superbowl. It wasn't just rich people that lost money on FTX.

[-] DingoBilly@lemmy.world 18 points 6 months ago

This makes no sense. He himself was a billionaire who fucked over both rich and non rich people. Just because he failed and took other rich people down a peg doesn't make him some sort of martyr.

[-] Ajen@sh.itjust.works 3 points 6 months ago* (last edited 6 months ago)

How did he become a billionaire? From what I've heard his parents were connected and well-off, but not billionaires. And he doesn't seem old enough to have made billions on his own before FTX. If he only became a billionaire by temporarily scamming people, I don't think that counts.

[-] urbeker@lemmy.world 2 points 6 months ago

He was supposed to have made his money before FTX by doing crypto currency arbitrage, but people have gone back and done the maths and his supposed profits were mathematically impossible (or just exceedingly improbable). The fact that his crime here was investors money went straight into a slush fund for his and his friends personal use suggested he didn't make that much money first either.

[-] FenrirIII@lemmy.world 4 points 6 months ago

How many non-rich people did he fuck over?

[-] Dagwood222@lemm.ee 2 points 6 months ago

One isn't enough? Especially since he himself was already doing quite well.

this post was submitted on 16 Mar 2024

270 points (98.6% liked)

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