Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors say

Submitted ⁨⁨8⁩ ⁨months⁩ ago⁩ by ⁨dominiquec@lemmy.world⁩ to ⁨technology@lemmy.world⁩

https://www.reuters.com/legal/sam-bankman-fried-deserves-40-50-years-prison-ftx-fraud-prosecutors-say-2024-03-15/

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 ⁨8⁩ ⁨months⁩ ago
I mean he defrauded rich people.

Off course he gets the book.

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- Tolstoshev@lemmy.world ⁨8⁩ ⁨months⁩ ago
  The Madoff Mistake, a classic.
  
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- Croquette@sh.itjust.works ⁨8⁩ ⁨months⁩ ago
  The only time there is real consequences
  
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underisk@lemmy.ml ⁨8⁩ ⁨months⁩ ago

gambling repeatedly with other people’s money

so… a stock broker?

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Zuberi@lemmy.dbzer0.com ⁨8⁩ ⁨months⁩ ago
FTX has too much dirt on Citadel to see the light of day

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polygon6121@lemmy.world ⁨8⁩ ⁨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!

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- xthexder@l.sw0.com ⁨8⁩ ⁨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.
  
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- DingoBilly@lemmy.world ⁨8⁩ ⁨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.
  
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  - Ajen@sh.itjust.works ⁨8⁩ ⁨months⁩ ago
    How did he become a billionaire? From what I’ve hear 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.
    
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- FenrirIII@lemmy.world ⁨8⁩ ⁨months⁩ ago
  How many non-rich people did he fuck over?
  
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  - Dagwood222@lemm.ee ⁨8⁩ ⁨months⁩ ago
    One isn’t enough? Especially since he himself was already doing quite well.
    
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danhab99@programming.dev ⁨8⁩ ⁨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?

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