Bankman-Fried of FTX faces up to 115 years in jail

Federal prosecutors charged FTX Trading founder Sam Bankman-Fried on Tuesday with eight counts of fraud, money laundering, and other financial crimes, with a maximum sentence of 115 years in prison if convicted.

Bankman-Fried is accused of defrauding FTX customers, defrauding lenders to hedge fund Alameda research, defrauding FTX investors while violating campaign finance laws, wire fraud on customers and lenders, conspiracy to commit commodities and securities fraud, and violating campaign finance laws.

US federal prosecutors have charged Bankman-Fried with two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Each of these crimes carries a maximum sentence of 20 years in prison.

Bankman-Fried was also charged with conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to defraud the United States and commit campaign finance violations, all of which carry a five-year prison sentence.

The charges could land Bankman-Fried in jail for decades, carrying maximum penalties of 115 years, according to Nicholas Biase, a spokesperson for U.S. prosecutors.

The sources for this piece include an article in Time.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web