‘I Never Thought That What I Was Doing Was Illegal,’ SBF Says as He Begins Prison Sentence

Picture: Tom Williams/CQ-Roll Call, Inc via Getty Images (Getty Images)

A few days after Sam Bankman-Fried received a 25 years in prisonfounder FTX released a statement to ABC news saying that he was sorry for his mistakes. He says he made “bad decisions” and didn’t realize his multi-billion dollar Ponzi scheme was illegal.

“I tried to hold myself to a high standard, and I didn’t meet that standard,” he told ABC News via email from the Metropolitan Detention Center in Brooklyn. “That’s a lot I think about every day. I’m haunted, every day, by what was lost. I didn’t want to hurt anybody or take anybody’s money.”

Bankman-Fried is expected to serve up to 57 years in prison, although he could be released early if he shows good behavior.

Prosecutors originally sought a sentence of 40-50 years for the Bankman-Fried cases, which included. fraud, conspiracy, and money laundering. The founder and CEO was charged with misappropriating more than $8 billion of FTX customers and another $2 billion from investors and lenders. SBF was also found guilty of perjury three times by a judge for perjury during his trial.

FTX customers, fortunately, seem to be on the rebound. Last week, the company sold his stake in Anthropican AI development company is in competition with OpenAI. Proceeds from the deal, if approved, could go to FTX customers who were defrauded by the company in the SBF’s jurisdiction.

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