Live Updates: Courtroom Scenes and Sentencing of Sam Bankman Fried
It is time for the final judgment of Sam Bankman-Fried to be delivered by Judge Lewis Kaplan. Will he be sentenced to 30 years in jail, 7 years, or perhaps completely pardoned as his defense team hopes? Stay tuned for live updates from the courtroom:
Initially, the courtroom was relatively empty, with only a few US Marshals agents present as everyone anticipated Sam’s grand entrance. Shortly after, Assistant U.S. Attorneys escorted Sam, dressed in his light brown prison uniform, into the courtroom.
As soon as Sam took his seat, Judge Kaplan began addressing the court. He delved straight into the pre-sentencing dispute guidelines, emphasizing his commitment to adhering to them.
Despite efforts from Sam’s lawyers to invoke sympathy from the court, Judge Kaplan appeared unmoved. He attentively listened to their plea but firmly emphasized that Sam was not a victim in this case. The true victims, he stated, were the FTX investors, customers, and lenders who collectively suffered significant losses totaling $11 billion.
Judge Kaplan rebuked the defense’s argument as insubstantial, likening it to a hollow chocolate Easter bunny. He dismissed their claims and criticized them for downplaying Sam’s egregious crimes, especially in light of the victims who shared heartbreaking stories of how their lives were ruined by Sam, such as Sunil, who bravely recounted his personal ordeal in court.
Silence fell over the room, punctuated by anticipation. Then, Sam Bankman-Fried spoke:
“I cannot emphasize my emotional state or hypothetical future offspring as the most crucial matters today. What truly matters are the customers who have suffered, lost money they never imagined, and been deprived of their rightful gains. They have been waiting for justice for a year and a half. My thoughts are with my colleagues at FTX, whose hard work I squandered, ultimately letting them down. I deeply regret my actions and omissions. I also care deeply about everything, notably my colleagues.”
And the remorseful tone continued:
“They followed me across continents, working tirelessly even past 2 am. Names like Natalie, who took on enormous responsibilities single-handedly. My brother’s innovative idea to save lives. Gary, who revolutionized the crypto exchange industry with his creation. These are the individuals I deeply respect.”
Despite facing betrayal from Carolin Ellison, his former lover turned informant, Sam reiterated his remorse:
“Alameda and FTX were not insolvent. Alameda’s losses were inevitable due to over-leverage. We had to liquidate to save FTX from collapsing. Although not an ideal outcome, it was necessary.”
As Sam repeated familiar accounts of his actions and acknowledged his mistakes, the courtroom atmosphere remained tense. He highlighted the liquidity crisis that hindered repayments to customers and accepted responsibility for his role in it.
Despite Sam’s attempts to explain his perspective and intentions, Judge Kaplan’s expression betrayed his apparent disinterest. The courtroom awaited the imminent verdict, unfazed by Sam’s lengthy justifications.
In his closing statement, Sam expressed a desire to make a positive impact on the world, contrasting his intentions with the unfortunate outcome of his actions. He thanked Judge Kaplan and the prosecution for the opportunity to clarify his position.
As the proceedings drew to a close, the air was thick with anticipation, awaiting Judge Kaplan’s final ruling. The fate of Sam Bankman-Fried hung in the balance, with the specter of a lengthy prison sentence looming over him. The saga of one of the most prominent figures in the crypto world was about to reach its conclusion.