Sam Bankman-Fried of FTX Could Face 115 Years in Prison
Charged with eight criminal violations.
Following the arrest of FTX’s Sam Bankman-Fried, news has just arrived that SBF has been charged with eight criminal violations including wire fraud, money laundering, and illegal political campaign contributions.
On top of the criminal charges, the Securities and Exchange Commission and U.S. prosecutors alleged that SBF willingly knew of the shady practices going on and intentionally hid information from investors all the while using their contributions to purchase luxury properties in the Bahamas while funneling money into Alameda Research.
According to Nicholas Biase, a spokesperson for U.S. prosecutors, if Sam Bankman-Fried is booked for his charges, he could face up to 115 years in prison.
JUST IN: Sam Bankman-Fried "could be looking at life in prison" if convicted. pic.twitter.com/3hxOqW3xS1
— Watcher.Guru (@WatcherGuru) December 13, 2022
On December 11, 2008, Bernie Lawrence Madoff was arrested.
On December 12, 2022, Sam Bankman-Fried was arrested. pic.twitter.com/diDWyqhHlZ— Fintwit (@fintwit_news) December 13, 2022
Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, has been arrested and is facing charges in what a federal prosecutor calls “one of the biggest financial frauds in American history.” Bankman-Fried faces up to 115 years in prison. pic.twitter.com/RXejqIiRrm
— CBS Evening News (@CBSEveningNews) December 14, 2022
In other crypto news, Binance saw $8.7 billion USD in crypto withdrawals this past week.
