Benzinga - The long-awaited sentencing for cryptocurrency fraudster and FTX co-founder Sam Bankman-Fried was announced Thursday, Match 28, by Judge Lewis A. Kaplan.
Bankman-Fried, 32, was found guilty of fraud charges related to his actions at FTX and Alameda Research. He received 25 years in prison.
The Wall Street Journal prompltly highlighted how Bankman-Fried's sentence compares to other high-profile cases in the business world:
- Bernie Madoff, money manager: 150 years
- Sam Bankman Fried, CEO/Founder FTX: 25 years
- Bernard Ebbers, CEO WorldCom: 25 years
- Dennis Kozlowski, CEO Tyco International: up to 25 years
- Jeffrey Skilling, President Enron: 14 years
- Walter Forbes, Chairman Cendant: 12 years, 7 months
- John Rigas, Founder Adelphia Communications: 12 years
- Sanjay Kumar, CEO Computer Associates International: 12 years
- Elizabeth Holmes, Founder/CEO Theranos: 11 years, 3 months
- Charles McCall, Chairman McKesson: 10 years
- Samuel Waksal, Chairman/CEO ImClone Systems: 7 years, 3 months
- Martha Stewart, Businesswoman: 5 months
Related Link: Bankman-Fried’s Day In Court: A Scandal To Rival History’s Most Infamous Financial Meltdowns?
As Benzinga's Future of Digital Assets event approaches on Nov. 19, the case highlights the ongoing scrutiny and regulatory challenges facing the cryptocurrency industry.
Why It's Important: Several of the names on the list previously ran public companies that were involved with accounting irregularities that — similar to Bankman-Fried — led to bankruptcies and the collapse of their company. They were later held accountable for their knowledge and role in fraud.
Madoff, after being convicted of the largest Ponzi scheme ever, died in prison in 2021 after serving only 12 years of his 150-year sentence. He was 82.
Bankman-Fried also shares something in common with Holmes — both were featured on the cover of Forbes prior to their fraud convictions.
Holmes began her prison sentence in May 2023 and will be released in 2032. Two years were cut from her original sentence.
Stewart is perhaps the most recognizable name on the list. The TV personality known for her home DIY techniques spent five months in prison for lying about stock trading.
Bankman-Fried's sentence marks one of the longest in history related to fraud for a well-known individual. The sentence also comes against a possibility of 110 years he faced.
Bankman-Fried will be 57 years old when he is released from prison, barring any changes to his sentence.
Read Next: Sam Bankman-Fried Joins The List Of Convicted Billionaires, But Who Leads The Winners/Losers List From The Trial?
Image: Shutterstock, FTX; edited with Canva
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.