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Monday, April 15, 2024

Bankman-Fried Ought to Get As much as 50 Years in Jail, U.S. Says

A jury in Manhattan convicted Bankman-Fried in November of seven costs, together with wire fraud and conspiracy.

Prosecutors stated he directed the switch of FTX buyer cash into Alameda Analysis, an affiliated hedge fund, for dangerous investments, political donations and costly actual property earlier than each firms collapsed into chapter 11 in 2022.

Earlier than then, FTX was valued at $32 billion.

Throughout the trial, a number of shut colleagues and associates at FTX and Alameda testified towards him, some in hopes of lenient sentencing for their very own admitted crimes.

(Credit score: Photographer: Victor J. Blue/Bloomberg)

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