Former FTX CEO Sam Bankman-Fried faces up to 115 years of jail time in the US while currently detained in tough Bahamian prison
There has been surprisingly swift movement from US governmental agencies in regard to the ongoing FTX saga and its controversial figurehead, Sam Bankman-Fried. The now-disgraced founder of the cryptocurrency exchange was arrested in the Bahamas on December 12 and has already made an initial court appearance in the capital city of Nassau where bail was denied. This led to the former billionaire being taken to the Fox Hill correctional facility, which is known for its tough conditions and harsh, rat-infested environment. Reportedly, Bankman-Fried has been staying in the medical bay while US and Bahamian officials work on legal proceedings.
Eight charges have been brought up against Bankman-Fried, who watched his estimated worth plummet from a high of US$26 billion to US$10 billion by October and then collapse to basically nothing by mid-November. It’s alleged that the accused utilized the FTX exchange to channel investor funds into another company called Alameda Research, which was co-founded by Bankman-Fried. This diverted money was purportedly used for a multitude of purposes, including individual loans, real estate purchases, and for risky trades. The eight charges issued by the US Attorney’s Office, Southern District of New York, against Samuel Bankman-Fried are as follows:
- Conspiracy to commit wire fraud on customers
- Wire fraud on customers
- Conspiracy to commit wire fraud on lenders
- Wire fraud on lenders
- Conspiracy to commit commodities fraud
- Conspiracy to commit securities fraud
- Conspiracy to commit money laundering
- Conspiracy to defraud the United States and violate the campaign finance laws
According to CNN, if Sam Bankman-Fried (also known as “SBF”) is convicted of all eight counts then he could end up with a monumental 115-year prison sentence. It has been opined elsewhere that SBF is likely to face years if not even decades behind bars in a US correctional facility. Speaking on the popular Coffeezilla channel, YouTuber LegalEagle (lawyer Devin James Stone) reasoned that Fried could face 20 years of jail time due to the severity of the charges brought against him and the huge amount of money and large number of defrauded investors involved in the case.
Disclaimer: The information reported here should not be used as a basis for any personal investment decision. Notebookcheck does not offer cryptocurrency, NFT, or other trading, investment, or financial advice.
