When is Sam Bankman-Fried sentencing scheduled for? How long can he go to prison for?
After a quick trial, former crypto ‘it-boy’ Sam Bankman-Fried has been found guilty on several counts of financial fraud. When will he be sentenced?
A quick trial is likely to land Sam Bankman-Fried behind bars for many years after a New York jury found him guilty on several counts of fraud and conspiracy in the wake of the collapse of his cryptocurrency empire. Mark Cohen, one of Bankman-Fried’s lawyers, expressed disappointment in the jury’s decision, stating that his client “maintains his innocence and will continue to vigorously fight the charges against him.”
Once lauded as the future of cryptocurrency, Bankman-Fried’s troubles began in late 2022 when his crypto trading platform, FTX, declared Chapter 11 Bankruptcy. The young entrepreneur attempted to soothe the nerves of investors and customers, but quickly, those with money in the platform attempted to pull out, leaving millions of other users without a penny when the company’s accounts ran dry.
US Attorney General Merrick Garland released a statement after the guilty verdict had been announced, saying that Bankman-Fried was “wrong” to believe that “he was above the law.”
“This case should send a clear message to anyone who tries to hide their crimes behind a shiny new thing they claim no one else is smart enough to understand: the Justice Department will hold you accountable,” reads the statement.
When will Bankman-Fried be sentenced?
Now that the trial has taken place, a sentence for the crimes he has been found guilty of must be determined. Judge Lewis Kaplan, who oversaw the case, has announced that the sentencing hearing will occur on 28 March 2024.
Based on the charges, Bankman-Fried could be handed down a “very long sentence,” according to Judge Kaplan.
These comments were made after the judge denied the release of Bankman-Fried during the trial, arguing that he was a flight risk.
Judge Kaplan justified his denial, arguing that if the defendant’s situation looked “bleak,” he may “seek to flee” the country to evade justice. Bankman-Fried is expected to await his sentence from the Brooklyn jail, where he has been since his house arrest ended in early August.
Based on the charges in the indictment, the maximum sentence he could receive was 110 years. Based on the facts of the case, the judge has made clear that he is unlikely to see such a long sentence.