Sam Bankman-Fried

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Judge Throws the Book at Bankman-Fried’s Political Henchman

A top lieutenant of crypto-fraud mastermind Sam Bankman-Fried was sentenced Tuesday to seven and a half years in prison—even more than federal prosecutors recommended.

And he has to give up his Porsche, to boot.

Ryan Salame, 30, pleaded guilty to financial crimes in connection with his work for Bankman-Fried’s FTX cryptocurrency exchange and also admitted to helping make political contributions through the use of a straw donor to hide his boss’ connection.

FTX Customers Will Get Back All the Money They Lost in the Collapse

Nearly all of FTX’s former customers will get back almost 100% of the money they lost at the time of the cryptocurrency exchange’s collapse — if not more. FTX said in a statement Tuesday that it expects 98% of its creditors to receive approximately 118% of the amount of their allowed claims. Others will receive 100% of their claims plus billions in interest as compensation for the time value of their investments. The company forecasts that the total value of the assets, converted to cash and made available for distribution,...

Netflix Tom Brady roast hits FTX loss and Gronk

Nothing was off limits during the Tom Brady roast on Netflix over the weekend, and a handful of guests capitalized on the opportunity to take a few jabs at the NFL great's connections to now-bankrupt crypto exchange FTX. "Tom also lost $30 million in crypto," comedian Nikke Glaser said, before joking about the intellect of Brady and fellow retired New England Patriots player Rob Gronkowsky. "Tom, how did you fall for that?" Glaser continued, "I mean, even Gronk was like, ‘Me know that not real money.’" Brady invested $30 million...

Big hedge fund firm Millennium sued by Jane Street for allegedly stealing strategy

NEW YORK, April 12 (Reuters) - Millennium Management, one of the world's largest hedge fund firms, was sued on Friday by rival Jane Street Group, which accused it of stealing a valuable in-house trading strategy after two traders defected. Jane Street said the traders Douglas Schadewald and Daniel Spottiswood had been "intimately" involved in developing the strategy before resigning separately to join Millennium in February. It said the theft became apparent when its profit from the strategy plunged more than 50% almost immediately after Schadewald left. Jane Street said it...

Bankman-Fried Appeals Fraud Conviction and 25-Year Sentence

Disgraced cryptocurrency con man Sam Bankman-Fried on Thursday appealed his fraud convictions and 25-year prison sentence, handed down after he was found responsible for orchestrating one of the biggest financial fraud schemes in American history.

What Sam Bankman-Fried’s Long Stretch in Prison Might Look Like

Inmates can make ceramics or crochet at a federal prison in Lompoc, Calif. At a federal prison in Mendota, a few hours away, inmates can have a harmonica or play basketball on one of five facility courts.

Those prisons represent possible landing places for FTX founder Sam Bankman-Fried, who will in coming months report to begin serving his 25-year sentence, imposed Thursday by U.S. District Judge Lewis Kaplan in Manhattan.

Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried, the former cryptocurrency mogul who was convicted of fraud, was sentenced to 25 years in prison on Thursday, capping an extraordinary saga that upended the multi-trillion-dollar crypto industry and became a cautionary tale of greed and hubris.

Mr. Bankman-Fried’s sentence was shorter than the 40 to 50 years that federal prosecutors had recommended, but above the six-and-a-half-year sentence requested by the defense lawyers. A federal probation officer had recommended 100 years, just under the maximum possible penalty of 110 years behind bars.

Sam Bankman-Fried sentenced to 25 years in prison for fraud

FTX founder Sam Bankman-Fried was sentenced to 25 years in prison Thursday, a court spokesman told The Hill.

The disgraced cryptocurrency mogul was convicted last fall in the Southern District of New York on federal fraud and conspiracy charges related to his role in the collapse of his crypto exchange firm FTX in November 2022.

“A lot of people feel really let down, and they were very let down, and I am sorry about that,” Bankman-Fried told the court Thursday before he received his sentence, according to CNN.

Fraudster, Dem Megadonor Sam Bankman-Fried Sentenced To Prison

Former billionaire entrepreneur and FTX founder Sam Bankman-Fried was sentenced to 25 years in federal prison on Thursday after he was found guilty in November of seven counts, including wire fraud and conspiracy to commit wire fraud, crimes that cost customers and lenders billions of dollars.

Prosecutors want a 40- to 50-year prison sentence for Sam Bankman-Fried

Sam Bankman-Fried should spend 40 to 50 years in prison after being convicted of stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said Friday.

The FTX founder was found guilty on all charges in November related to the collapse of his cryptocurrency exchange in the first of two criminal trials against the former CEO.

A jury in a Manhattan federal court agreed with prosecutors that Bankman-Fried defrauded investors, customers and lenders during the collapse of his crypto empire.

Sam Bankman-Fried