Cryptocurrency mogul Sam Bankman-Fried sentenced to 25 years for fraud, conspiracy, and money laundering
On Thursday, Sam Bankman-Fried, the onetime cryptocurrency mogul, was handed a 25-year sentence for his involvement in a massive fraud scheme. Bankman-Fried, the founder of the international crypto exchange FTX, was convicted of stealing $8 billion from customers, a crime that carries a maximum sentence of 110 years.
The case against Bankman-Fried is just the latest in a long line of high-profile white-collar crime prosecutions. Notorious figures like Bernie Madoff, Elizabeth Holmes, and Michael Milken have all faced legal consequences for their fraudulent activities.
Comparing Bankman-Fried’s sentence to those of other white-collar criminals, it is clear that the punishment is severe. For example, Michael Milken, known as the “junk bond king” of Wall Street, was sentenced to 10 years in 1990 for securities fraud and tax fraud. However, he only served two years due to his cooperation with authorities.
Similarly, Bernard Madoff, who orchestrated the largest Ponzi scheme in history, was sentenced to 150 years in prison in 2009. Madoff, who was in his 70s at the time of sentencing, died in prison 12 years later.
Elizabeth Holmes, the founder of Theranos, received slightly more than 11 years in prison for deceiving investors in her company. Holmes, who reported to prison at the age of 39, was deemed “far more culpable” than Bankman-Fried by his lawyers, as she put patients at risk with her actions.
Despite the severity of his sentence, Bankman-Fried’s lawyers have expressed hope for his future, citing parallels between him and Michael Milken, who used his post-prison life for philanthropic endeavors. They believe that given a second chance, Bankman-Fried will dedicate his life to charitable works and helping others.
