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Sam Bankman-Fried sentenced to 25 years in prison
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this post was submitted on 28 Mar 2024
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Boo, I was hoping for 40. He'll get out early enough to scam more.
Sure, I'd rather Sam spent the rest of his life making up to his victims through public service works.
His poor billionaire victims
Were there not a fair pile of 'mom and pop' / young idiot 'investors' who got on the hype train and put in thousands or tens of thousands?
That was probably the large majority. Anybody who knew what they were doing didn't leave their money on FTX.
the fall of FTX took out large swathes of the remaining crypto economy, especially in Africa. Everyone just used FTX as a shitty bank.
but then, if they knew what they were doing, they wouldn't have gone near crypto
Well yeah, you're right, it was more than just an exchange failing
you know, this is a pretty good point (and I think the rest of my thoughts align with what david's mentioned elsewhere in some of the threads)
This is probably to satisfy the public. He’ll probably get closer from 5-10 and the rest will be watered down on appeals
He is going to federal prison, which means he needs to serve 85% of his sentence or 21.25 years minimum.
Not according to CNN:
""SBF may serve as little as 12.5 years, if he gets all of the jailhouse credit available to him," Mitchell Epner, a former federal prosecutor, told CNN.
Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act."
edition.cnn.com/business/live-news/sam-bankman-fried-sentencing-03-28-24/h_538da92aa954d1035036db11ba53b4a8
The last 7.5 years will probably be at home detention
Meanwhile the people he stole from are unlikely to ever see any of their money again let alone half of it.
But be 25 years behind all the other scammers in the meantime at least
none of the scams are new, he'll adapt
How much you want to bet that he is let out within fifteen for ‘good behavior’, ‘demonstrated an earnest commitment to changing his ways’ and the other reasons listed as to why wealthy people don’t spend long in prison.
Far as I heard, reduction can only ever go down to 21
Hua, that’s seems surprising little for a non violent offender not involved in drugs.
he'll likely get low security and probably not horribly far from his parents' house
edit: judge has asked for medium security and as close to his parents' house as possible.