Breaking News: Sam Bankman Fried’s Sentencing Unfolded Live; Inside the Courtroom

The moment of truth has arrived for Sam Bankman-Fried as Judge Lewis Kaplan prepares to determine his fate. Will Sam face a 30-year prison sentence, a 7-year sentence, or will he be completely pardoned as his defense team is hoping for? Stay tuned for live updates from the courtroom as the events unfold.

At the beginning, the courtroom was relatively empty, with only a few US Marshals agents present, as everyone anxiously awaited Sam’s grand entrance. Just a few minutes later, Assistant U.S. Attorneys escorted Sam into the courtroom, dressed in his light brown prison uniform.

As soon as Sam took his seat, Judge Kaplan began speaking. He was direct and to the point, delving into the pre-sentencing guidelines and emphasizing his commitment to following them.

Sam’s lawyers once again attempted to appeal to the court’s sympathies, but Judge Kaplan, known for his strict approach, appeared unconvinced. He listened attentively and nodded when they finished, but quickly reminded the defense and the entire court that Sam is not the victim here. The real victims are the FTX investors, customers, and lenders who collectively lost a staggering $11 billion.

Kaplan deemed the defense’s argument as empty as a hollow chocolate Easter bunny and swiftly dismissed it, even admonishing them for downplaying Sam’s egregious crimes, especially in light of the victims who have shared their personal stories of how Sam had completely ruined their lives.

One of these victims, Sunil, took the stand and recounted how Sam’s actions had forever altered the course of his life. The courtroom fell silent, everyone waiting in anticipation.

Finally, Sam spoke up and addressed the court. He acknowledged the importance of the customers’ grievances and expressed regret for what they had gone through, including the financial losses they had suffered. He also expressed remorse for letting down his FTX colleagues and acknowledged the mistakes he had made at every stage. Sam made it clear that he cared deeply about the impact of his actions.

And he wasn’t finished yet.

Sam continued, highlighting the dedication and hard work of his colleagues at FTX, who had followed him tirelessly across continents, working late into the night. He mentioned Natalie, who single-handedly managed the media department, taking on the workload of ten people. He also praised his brother for his innovative idea to save lives, which had the potential to succeed. Sam emphasized his appreciation for everything his team had accomplished.

He then turned his attention to Carolin Ellison, his former lover who had turned against him. It was evident to everyone in the courtroom what this mention was about. Sam also repeated some of his earlier statements, emphasizing that Alameda and FTX were not bankrupt, but rather faced a liquidity crisis due to his decisions.

However, it seemed that Sam’s words were falling on deaf ears. His repetitive lines did little to sway anyone in the courtroom.

Sam admitted to making numerous mistakes but insisted that the story did not end there. He acknowledged that the customers had not been adequately compensated and accepted responsibility for the conflicting claims that had caused significant damage. Sam believed that there were enough assets to repay the customers, but acknowledged the liquidity crisis he had played a part in creating.

Unfortunately for Sam, it appeared that his defense strategy was doing more harm than good. Was his legal team giving him poor advice? This was certainly not the most opportune moment to delve into his side of the story yet again.

Sam mentioned an affidavit by Dan Friedberg, filed in the bankruptcy court a year ago, as a starting point for the full story. He acknowledged that this affidavit likely made enemies and mentioned the efforts of Moscowitz, who had been fighting for them in court.

The courtroom buzzed with speculation as Judge Kaplan’s boredom became apparent. It seemed as though Sam’s words were having little impact on the judge.

Realizing this, Sam made a closing statement, expressing his desire to contribute positively to the world. He hoped to witness the success of those who were making a difference and acknowledged his own failures. Finally, he thanked Judge Kaplan and the government.

Assistant U.S. Attorney Nicolas Roos then took the floor. He accused Samuel Bankman-Fried of stealing $8 billion from customers worldwide, causing significant damage and loss. Roos emphasized that this alone warranted a lengthy sentence, with some individuals receiving 40 or more years for similar crimes. He also highlighted the bankruptcy of two lenders and the involvement in one of the largest bribes. Roos argued that Sam’s actions demonstrated a willingness to commit further crimes if given the opportunity.

After Roos concluded his statement, Judge Kaplan took a moment to consider the guidelines and the factors involved. He acknowledged the undisputed aspects of Sam’s background, including his privileged upbringing, loving parents, and education at MIT. Kaplan recognized Sam’s intelligence, achievements, and ambition, referencing Caroline Ellison’s testimony about his drive and interest in politics.

Kaplan stressed that this was a major financial crime and that Sam’s aspirations went beyond a specific political ideology. He mentioned Sam’s willingness to take risks, including investments of client money in dangerous ventures, political donations, and real estate purchases in the Bahamas. Kaplan reiterated that the money Sam used did not belong to him and emphasized that he knew his actions were illegal.

The judge made it clear that he understood Sam’s right to plead not guilty and go to trial, stating that he held no bias against him for exercising that right. Kaplan emphasized the importance of fairness in the criminal justice system.

Addressing the recommended sentences, Kaplan disagreed with the Probation Department’s recommendation of 105 years and the government’s suggestion of 40 to 50 years. He believed that such lengthy sentences were unnecessary, but he did not downplay the severity of Sam’s crimes. Kaplan criticized Sam’s arrogance and his apparent lack of remorse.

Finally, the moment arrived. Judge Kaplan delivered his ruling. Sam Bankman-Fried was sentenced to a total of twenty-five years in prison. The crypto community expressed mixed reactions, with some feeling that the punishment was lenient, while others agreed with Kaplan’s assessment.

It was a significant sentence, but Sam’s legal team immediately began working on an appeal. When asked if he wanted to say anything, Sam’s team declined.

And with that, the courtroom proceedings came to a close. Sam would be spending the next 25 years behind bars, with a release date that would see him in his late 50s.