Connect with us

Business

Sam Bankman-Fried sentenced to 25 years for FTX fruad

Published

on

sam-bankman-fried-sentenced-to-25-years-for-ftx-fruad

Bankman-Fried, 32, sentenced for fraud on customers of the FTX cryptocurrency exchange he founded.

Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.

US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing on Thursday after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.

A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.

“He knew it was wrong,” Kaplan said of Bankman-Fried before handing down the sentence. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”

Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence.

Kaplan said the sentence reflected “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.”

Prior to sentencing, Bankman-Fried stood and apologised. “A lot of people feel really let down. And they were very let down. And I’m sorry about that. I’m sorry about what happened at every stage,” he said.

“My useful life is probably over. It’s been over for a while now, from before my arrest.”

Sam Bankman Fried
Sam Bankman-Fried, centre left, is escorted out of Magistrate Court following a hearing in Nassau, Bahamas, Dec. 19, 2022 [File: Rebecca Blackwell/AP Photo]

Al Jazeera’s Kristen Saloomey, reporting from New York, said that Bankman-Fried could have received up to 110 years behind bars for his crimes and that the 25-year sentence was less than the 40-50 years that prosecutors were seeking.

“Given the scale of this crime, one of the largest frauds in history, the judge took a very strong stance but also showed some flexibility… perhaps based on the arguments made by Bankman-Fried’s lawyers and his family that he had always intended to do good”, she said.

Bankman-Fried had billed himself as a proponent of effective altruism – finding the best way to help other people, in particular by donating all or part of one’s wealth to charity rather than, say, volunteering at a soup kitchen.

When the cryptocurrency world lurched into crisis in the spring of 2022, he bought shares in the troubled platform BlockFi and another troubled company, Voyager.

However, prosecutors have said the responsible image he cultivated concealed his years-long embezzlement of customer funds.

“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him” prosecutors said in a court filing.

Source

:

Al Jazeera and news agencies

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

‘Obvious’ Sydney mall killer targeted women, Australian police say

Published

on

By

‘obvious’-sydney-mall-killer-targeted-women,-australian-police-say

New South Wales Police commissioner says videos of the attack ‘speak for themselves’.

Australian police have said they believe a man who fatally six stabbed people at a busy Sydney shopping centre specifically targeted women.

Five women and one man were killed on Saturday when a 40-year-old man went on a stabbing spree in the beach suburb of Bondi.

The women killed in the attack were identified as a 55-year-old designer, a 47-year-old architect and volunteer surf lifesaver, the 25-year-old daughter of an entrepreneur, a 27-year-old student from China and a 38-year-old new mother.

A 30-year-old Pakistani security guard, who reportedly tried to stop the attacker, was the only man killed in the attack.

The majority of those injured in the attack were also women.

New South Wales state Police Commissioner Karen Webb said on Monday that it was “obvious” the suspected attacker, Joel Cauchi, singled out women.

“It’s obvious to me, it’s obvious to detectives that seems to be an area of interest that the offender focused on women and avoided the men,” Webb told the Australian Broadcasting Corporation (ABC).

“The videos speak for themselves, don’t they? That’s certainly a line for inquiry for us.”

Webb said officers were in the process of interviewing people close to Cauchi to gain “some insight into what he might have been thinking”.

Prime Minister Anthony Albanese said the gender breakdown of the victims was “concerning”.

“The gender breakdown is of course concerning – each and every victim here is mourned,” he told ABC radio.

Videos shared on social media showed Cauchi, wearing shorts and an Australian national rugby league jersey, targeting mostly female victims as he rampaged through Westfield Bondi Junction shopping complex.

The attack was brought to an end when police inspector Amy Scott shot him dead.

Australia’s national flag has been set at half-mast at major venues, including the Parliament House and Sydney’s Harbour Bridge, in honour of the victims.

Source

:

Al Jazeera and news agencies

Continue Reading

Business

US military says it destroyed dozens of drones fired from Iran, Yemen

Published

on

By

us-military-says-it-destroyed-dozens-of-drones-fired-from-iran,-yemen

US Central Command says it hit more than 80 one-way attack drones aimed at Israel.

The United States has destroyed dozens of drones and at least six ballistic missiles aimed at Israel from Iran and Yemen, its military has said.

US forces hit more than 80 one-way attack drones, including seven UAVs targeted on the ground prior to launch, US Central Command (CENTCOM) said on Monday.

“Iran’s continued unprecedented, malign, and reckless behaviour endangers regional stability and the safety of U.S. and coalition forces,” CENTCOM said in a post on X

“CENTCOM remains postured to support Israel’s defense against these dangerous actions by Iran. We will continue to work with all our regional partners to increase regional security.”

CENTCOM made the announcement after Iran late on Saturday launched its first-ever attack on Israeli territory in retaliation for a suspected Israeli attack on its embassy in Syria.

The attack involving more than 300 drones and missiles caused only modest damage as most were shot down by Israel’s Iron Dome missile defence system or the US and its partners.

Defense of Israel Activities Update

On April 13 and the morning of April 14, U.S. Central Command (CENTCOM) forces, supported by U.S. European Command destroyers, successfully engaged and destroyed more than 80 one-way attack uncrewed aerial vehicles (OWA UAV) and at least six… pic.twitter.com/QYyk01o1Vs

— U.S. Central Command (@CENTCOM) April 14, 2024

US President Joe Biden earlier praised US forces for their “extraordinary skill” in helping Israel take down “nearly all of the incoming drones and missiles.”

Biden described US support for Israel’s self-defence as “ironclad” but warned that Washington would not join any retaliatory action taken by Israeli Prime Minister Benjamin Netanyahu’s government against Tehran.

US Secretary of Defense Lloyd Austin said US forces “remain postured to protect US troops and partners in the region, provide further support for Israel’s defence, and enhance regional stability.”

The threat of all-out war between Israel and Iran has put the region on tenterhooks, prompting calls for restraint from Middle Eastern neighbours and major powers.

United Nations Secretary-General Antonio Guterres on Sunday warned that the Middle East was on “the brink”.

“The people of the region are confronting a real danger of a devastating full-scale conflict. Now is the time to defuse and de-escalate,” Guterres told a UN Security Council meeting convened in response to the Iranian attack.

Source

:

Al Jazeera and news agencies

Continue Reading

Business

Iran claims ‘right to self-defence’ in Israel attack

Published

on

By

iran-claims-‘right-to-self-defence’-in-israel-attack

Video Duration 01 minutes 24 seconds

NewsFeed

Iran’s ambassador to the United Nations says his country’s drone and missile attack against Israel was ‘in the exercise of Iran’s inherent right to self-defence’. Saeid Iravani told the UN Security Council Iran is not seeking to escalate conflict in the region.

Published On 15 Apr 2024

Continue Reading

Trending