Fallen cryptocurrency mogul Bankman-Fried sentenced to 25 years in jail

Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday following his conviction in one of the biggest financial fraud cases in history.

US prosecutors were seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller's spectacular fall.

During the hearing Bankman-Fried told the courtroom that he was "sorry about what happened at every stage. And there are things I should've done and things I shouldn't have."

They "built something beautiful," Bankman-Fried said. "And I threw it all away."

The final sentence was meted out by US District Judge Lewis Kaplan who used the hearing to carefully walk through the financial crimes committed by Bankman-Fried.

There was "never a word of remorse for the commission of a terrible crime," the judge said, adding that there was a risk Bankman-Fried would commit crimes again.

With the sentencing now done, Bankman-Fried's lawyers said they would appeal his conviction.

Calling Bankman-Fried's seven-count conviction reflective of the defendant's "unmatched greed and hubris," the government's sentencing request argued for significant jail time in light of fraud it estimates at more than $10 billion.

Bankman-Fried's attorneys depicted their client as a diligent young man motivated by philanthropy who got in over his head, calling the government's proposed sentence "barbaric."

"What it means is that we got some of them back."


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