Cryptocurrency mogul Sam Bankman-Fried has been sentenced to 25 years in prison for fraud, conspiracy, and money laundering, joining the ranks of other notorious white-collar criminals like Bernie Madoff and Elizabeth Holmes.
Bankman-Fried was convicted of stealing $8 billion from customers of his international crypto exchange, FTX, which carries a maximum sentence of 110 years. Prosecutors cited 13 examples of white-collar prosecutions involving a loss of over $100 million, with most defendants receiving 40 years or more in prison.
Comparing Bankman-Fried’s sentence to other high-profile cases, Michael Milken, known as the “junk bond king,” was sentenced to 10 years in 1990 for securities fraud and tax fraud, serving only two years after cooperating with authorities. Bernard Madoff, who orchestrated the largest Ponzi scheme in history, received a 150-year sentence in 2009 and died in prison 12 years later.
Elizabeth Holmes, founder of Theranos, received slightly over 11 years in prison for deceiving investors in her company. Bankman-Fried’s lawyers pointed out parallels between him and Holmes, noting their relative youth but emphasizing Holmes’ greater culpability for putting patients at risk.
Bankman-Fried’s sentence serves as a reminder of the severe consequences faced by those who engage in white-collar fraud, with the justice system holding them accountable for their actions.
