Sam Bankman-Fried Will Be On Supervised Release For Years After Prison Term

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Sam Bankman-Fried Will Be On Supervised Release For Years After Prison Term – Crypto News

Published

1 year ago

April 2, 2024

Dripp

In the SBF trial ruling, disgraced FTX Founder Sam Bankman-Fried was sentenced to 25 years in prison. Moreover, he has been imposed with supervised release as part of a comprehensive judgment in a high-profile fraud case. The ruling, handed down by U.S. District Judge Lewis A. Kaplan, denotes that Bankman-Fried will be eligible for 21 years of supervised release.

Sam Bankman-Fried’s Supervised Release Terms

Sam Bankman-Fried, known for being the CEO of bankrupt crypto exchange FTX, was found guilty of multiple offenses. These offenses include wire fraud, wire fraud conspiracy, securities fraud conspiracy, commodities fraud conspiracy, and money laundering conspiracy.

These charges stem from his actions, which the court ruling determined constituted a deliberate scheme to defraud. One of the central aspects of Bankman-Fried’s sentencing is the imposition of supervised release for a term of three years on each of the counts. This means that upon release from prison, he will be subject to stringent monitoring and conditions set forth by the United States Probation Office.

Furthermore, the seven counts indicate a period of 21 years of supervised release. Notably, the former FTX CEO is required to participate in an outpatient mental health treatment program and adhere to prescribed medications. Additionally, he must provide access to requested financial information and refrain from incurring new credit charges without approval.

Furthermore, the court recommended to the Bureau of Prisons that Bankman-Fried be designated to a medium-security facility or a lower security institution due to his lack of criminal history and vulnerability in a maximum-security environment. The recommendation also emphasized facilitating family visitation by selecting a facility close to the San Francisco-Bay Area.

Also Read: Just In: Sam Bankman-Fried Haunted by FTX Collapse, Emails Reveal

Monetary Penalties On SBF

In addition to supervised release, Bankman-Fried faces significant monetary penalties, including restitution and fines. The complexity of the case and the number of victims led the court to decline ordering direct restitution. Instead, the government’s motion to compensate victims with finally forfeited assets through a remission process was granted.

The sentencing also includes terms of imprisonment, with Bankman-Fried being committed to the custody of the Federal Bureau of Prisons for an aggregate term of 300 months. This term reflects the severity of the offenses and underscores the gravity of his actions.

Bankman-Fried’s case has drawn widespread attention due to his prominence in the crypto world and the nature of the charges against him. However, industry stakeholders like XRP lawyer John Deaton believe that this sentence isn’t enough.

Also Read: Google to Destroy Data Records in Privacy Lawsuit Settlement