American entrepreneur convicted of fraud (born 1992)
Sam Bankman-Fried
Bankman-Fried in 2021
Born Samuel Benjamin Bankman-Fried
(1992-03-05 ) March 5, 1992 (age 32) [ 1] Other names SBF Education Massachusetts Institute of Technology (BS )Occupation Entrepreneur Known for Criminal status Incarcerated Parents Relatives Linda P. Fried (aunt) Gabriel Bankman-Fried (brother)Conviction(s)
Criminal penalty 25 years in prison Date apprehended
August 11, 2023 (12 months ago)
Samuel Benjamin Bankman-Fried [ 2] (born March 5, 1992), commonly known as SBF ,[ 3] is an American entrepreneur who was convicted of fraud and related crimes in November 2023. Bankman-Fried founded the FTX cryptocurrency exchange and was celebrated as a "poster boy " for crypto.[ 4] At the peak of his net worth, he was ranked the 41st-richest American in the Forbes 400 .[ 5]
The public persona of Bankman-Fried masked significant problems at FTX, and in November 2022, as evidence of potential fraud began to surface, depositors quickly withdrew their assets, forcing the company into bankruptcy . On December 12, 2022, Bankman-Fried was arrested in the Bahamas and extradited to the United States, where he was indicted on seven criminal charges, including wire fraud , commodities fraud , securities fraud , money laundering , and campaign finance law violations.[ 6] [ 7] [ 8]
In the case of United States v. Bankman-Fried , he was convicted of all seven counts of fraud, conspiracy , and money laundering.[ 9] On March 28, 2024, he was sentenced to 25 years in prison and ordered to forfeit $11 billion.[ 10] [ 11] [ 12]
^ Lewis, Michael (November 2, 2023). "Sam Bankman-Fried: the rise and crash of a crypto billionaire" . The Times . Archived from the original on November 2, 2023. Retrieved November 11, 2023 . Excerpt from Going Infinite .
^ Sharwood, Simon. "Crypto villain Sam Bankman-Fried arrested in Bahamas" . The Register . Archived from the original on January 5, 2023. Retrieved December 14, 2022 .
^ Turner, Matt; Rosen, Phil; Erb, Jordan Parker (December 19, 2021). "Sam Bankman-Fried went from relative obscurity to crypto billionaire in just 4 years. Insiders explain how he did it, and what's next" . Business Insider . Archived from the original on November 11, 2022. Retrieved December 27, 2021 .
^ Q. ai (December 13, 2022). "What Happened To Crypto Giant FTX? A Detailed Summary Of What We Actually Know So Far" . Forbes . Archived from the original on October 20, 2023. Retrieved October 19, 2023 .
^ "Sam Bankman-Fried" . Forbes . Archived from the original on December 30, 2022. Retrieved December 30, 2022 .
^ Department of Justice, Office of Public Affairs (December 13, 2022). "FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses" . Archived from the original on December 28, 2022. Retrieved December 17, 2022 .
^ "The SBF indictment in full" . Financial Times . December 13, 2022. Archived from the original on December 23, 2022. Retrieved December 13, 2022 .
^ Betz, Bradford (December 12, 2022). "FTX founder Sam Bankman-Fried arrested in Bahamas, US expected to request extradition, authorities say" . FOXBusiness . Archived from the original on December 13, 2022. Retrieved December 13, 2022 .
^ Yaffe-Bellany, David; Goldstein, Matthew; Edward Moreno, J. (November 2, 2023). "Fallen Crypto Mogul Convicted in Collapse That Cost Users Billions" . The New York Times . Archived from the original on November 2, 2023. Retrieved November 2, 2023 .
^ "Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent Schemes" . Justice.gov . U.S. Department of Justice . April 30, 2005. Retrieved March 29, 2024 .
^ "Former FTX CEO Sam Bankman-Fried sentenced to 25 years in prison for fraud" . United Press International . March 28, 2024. Retrieved March 28, 2024 .
^ Neumeister, Larry; Sweet, Ken (March 28, 2024). "Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison" . Associated Press . Retrieved March 28, 2024 .