The Manhattan court found Sam Bankman-Fried, a 32-year-old ex-CEO of FTX, guilty in November for fraud that was likely the largest of the past decade. Despite being sentenced to only 25 years in federal prison, the ruling places him at the top end of significant white-collar fraud sentences. Bernie Madoff received a 150-year sentence for his Ponzi scheme and Elizabeth Holmes was sentenced to over 11 years for defrauding investors at Theranos.
In addition to serving time in prison, Bankman-Fried must also forfeit $11.2 billion. However, due to the impracticality of identifying and compensating all victims, restitution was ruled out. Judge Lewis Kaplan suggested that Bankman-Fried be placed in a medium or lower security facility near San Francisco so that his family can visit him while he serves his sentence.
This story is still developing and more information will be released as it becomes available.
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