FTX Founder Sam Bankman-Fried Faces Up to 50 Years in Prison for Massive Scheme
FTX founder and former CEO Sam Bankman-Fried could face up to 50 years in prison for committing wire fraud, securities and commodities fraud, and money laundering. Bankman-Fried's former colleagues, including his ex-girlfriend Caroline Ellison, testified against him in a five-week trial. Ellison revealed that Bankman-Fried ordered her to create false balance sheets and confirmed that he repeatedly took customer funds to invest in Alameda Research. Co-founders Gary Wang and Nishad Singh also testified about their involvement in the scheme. Bankman-Fried's sentencing hearing begins today, with prosecutors recommending a 40-50 year prison sentence.
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