By KEN SWEET and LARRY NEUMEISTER (Associated Press) NEW YORK (AP) — Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced Thursday for his role in the 2022 collapse of FTX, once one of the world’s most popular platforms for trading digital currency. Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a year earlier when he and his companies seemed to be riding a crest of success that resulted in a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and comedian Larry David. A jury found that Bankman-Fried illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes. Prosecutors recommended a prison sentence of 40 to 50 years. “The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years.
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The Associated Press, Denver Post: Business
Thu, 03/28/2024 - 6:24am
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