STATE & NATIONAL: On Thursday, a New York federal court sentenced Sam Bankmsn-Fried to 25 years in prison. In 2023, Bankmsn Fried, former owner and founder of the crypto exchange, FTX, was charged with financial fraud after having emptied the funds from the exchange and filed bankruptcy claim.
By Anne M Erbynstein
Today, in the New York federal court, Judge Lewis Kaplan acted upon the November, 2023 conviction of Sam Bankman-Fried. The youngest billionaire at the age of 32, the crypto exchange mogul drove to the height of billions of dollars a, then, little known financial forex involving bitcoin stocks.
Bankman-Fried marketed the FTX Exvhange over a 3 year period between 2019 and 2022 when he filed a bankruptcy in cooperation with 130 companies including the Alameda Research company. According to reports made by the federal government, Bankman-Fried worked in conjunction with affiliated companies to carried out the bankruptcy fraud.
When an investigation ensued following Bankman-Fried's claims, it was discovered that more than $30 billion dollars had been removed from the exchange accounts and was, thereafter, dumped into the company that was owned by a relative of Bankman-Fried.
The federal investigation led to 7 charges of financial fraud coupled with charges of conspiracy to conduct the FTX Exchange company's collapse.
Investigators uncovered evidence associating Bsnkmsn-Frued to the apparent disappearance of multi billion dollars. Investigators were led on a path that revealed Bankman-Fried's opulence; his home in the Nassau, Bahamas, high risk trading, venture betting, personal loans, political donations among other forms of extravagant spending.
A lavish lifestyle was led by Bankman-Fried but psid for by hundreds of thousands of investors. Including political figures whose trust had been earned by the young presumed genius crypto mogul, SBF, the nickname he was often identified by, had taken billions in investments from a number very wealthy Americans. Among those listed in a previous report were Jevin Durant, Carmelo Anthony, Kobe Bryant, Andre Iguodala, Shaquille O'Neal and Aaron Rodgers. Among these investors, more than 150 million dollars.
Last year after the SBF financial conspiracy case was settled and Bsnkmsn-Fried was found guilty, the federal government began pulling funds made by investors, ultimately, forcing Sam Bankman-Fried to forfeit $11billion dollars. Portions of the recovered funds will be used to repay investors.
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