Sam Bankman-Fried Sentenced To 25 Years In Prison For Orchestrating FTX Fraud Stole Billions | The Millionaire Morning Show w/ Anton Daniels

➡ The Millionaire Morning Show w/ Anton Daniels talks about Sam Bankman, the former head of the cryptocurrency exchange FTX, was sentenced to 25 years in prison for fraud. He was found guilty of seven criminal charges, including obstructing justice and tampering with witnesses. Despite his lawyers arguing for a lighter sentence due to his mental health and generosity, the judge decided on a harsher sentence due to the severity of the crime and the impact on the victims. FTX collapsed after it was discovered that Bankman had used up to $8 billion of customer funds for personal interests.

Sam Bankman was sentenced to 25 years in prison for orchestrating the FTX fraud. Now, let me give you all my thoughts on this, and then we gonna go into quick hits real quick, all right? The former cryptocurrency guru was convicted of seven on seven criminal counts in November. All right? This is what he looked like. This is the face of a criminal. Criminals come in all shapes and sizes.

They look, they walk, they talk, they walk past you every single day and you don’t even know that you are walking past criminals every single day. You may walk past a person that may be out here doing some crazy stuff, right? Messing with people they shouldn’t be messing with, stealing stuff they shouldn’t be stealing. And then they look like this, okay? So this is the latest criminal out here in these streets and we gonna blow this up.

So he was sentenced Thursday to 25 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX. Okay. In federal courtroom in lower Manhattan, us district Judge Lewis Kaplan called the defense argument misleading, logically flawed and speculative. Okay. He said Bankman, Fried or freed had obstructed justice and tampered with witnesses and amounting and mounting his defense, something Kaplan said he weighed in his sentencing decision wearing a beige jailhouse jumpsuit, struck an apologetic tone, saying he did made a series of selfish decisions while leading FTX and threw it all, threw it all away.

Haunts me. It haunts me every day, he said in a statement. Prosecutors had sought as much as 50 years. While Bankman Fried’s legal team argued for no more than six and a half years, he was facing up to 110 years. That’s something I added in there because I read that earlier. The legal team argued for no more than six and a half years. He was convicted on seven criminal counts in November and had been held in a metropolitan detention center in Brooklyn since.

Because he’s a flight risk and he had access to all of that money and they didn’t. Who knows how much he stashed away. His lawyers had pleaded for leniency, citing what they described as mental health struggles and his purported generosity in his personal life. They also argued that FTX users had not ultimately suffered substantial losses, something current current FTX administrator John Ray said was false in a letter to Kaplan in advance of Thursday sentencing.

But prosecutors argued the brazenness of the crime, the extent of the victim’s losses and the damages, and his evident lack of remorse meant a harsher sentence that was warranted. Here’s my question. Does rewards does remorse warrant a lesser sentence when somebody commits a crime? And does the crime matter as far as whether or not you got remorse? If you hurt somebody physically or you hurt them financially or you robbed the US taxpayers, whatever, does the remorse actually warrant you to have a lighter sentence? Or should the sentencing guidelines actually be pretty strict and stringent, with a little bit of autonomy of being able to go outside of the guidelines, depending on the different context and the circumstances? It’s similar to taxes in a way, because the taxes shouldn’t vary based off of the individual or the individual income.

The taxes should be the taxes which then would incentivize people to continue to be successful. Right? But at the same time, it’s like if we all had a flat tax rate, wouldn’t that be more fair? Wouldn’t that be more fair? If somebody does something, should they just get a standard sentence? Similar how you get a standard fine if you was to run a red light? All right, let’s continue.

Prosecutors filed documents from victims testifying how bankman actions had harmed them. One says, my whole life has been destroyed, wrote one whose names was redacted. And I have two young children, one born right before the collapse. I still remember the weeks following where I would stare blankly into their eyes, completely empty inside, knowing their futures have been stolen through no fault of our own. I did not gamble on crypto.

I did not make any crypto gains. I had my bitcoin, which I had collected over the years, deposited on FTX as a custodian. I did not agree to the risk that Sam Bankman fried took with my funds. The man added he was suffering from depression and that his wife had become suicidal. Suicidal. Suicidal. I know we can never make that kind of money back ever again. Another person wrote that how the loss of funds had affected numerous life plans, including a wedding, blah, blah blah, blah, blah, and a recent annual recent annals of white collar crime.

Bank McFrid sentence is many years longer than what most others found guilty have received. Elizabeth Holmes got eleven years. Worldcom CEO got 75 years. Former Enron CEO Jeff skilling received 24 years. Bernie Madoff got 150 years and died in prison at age 82. FTX was once valued at more than $30 billion, with Bankman’s net worth estimated at more than $20 billion. FTX collapsed in November 2022 after it was revealed that it had a major cash shortfall.

At his trial, he robbed customers of as much as $8 billion to fund a vast array of outside interests, including political initiatives, speculative investments, and funding of FTX executive lifestyles other executives testified against him. Um. Yeah, man. Yeah, yeah, yeah. So he signaled plans to appeal his conviction, and he’s gotten 25 years for what he did. Here’s the other question, right? Because y’all out here crashing out. Y’all out here crashing out, right? Here’s my other question.

For 25 years. Now, think about this before you answer it, before we get into quick hits. For 25 years in prison. For 25 years in prison, would you still $8 billion. Shout out to that way, pow. For 25 years in prison, would you still. Eight, not million. Billion with a b. Now, also consider this. You’re probably gonna get your sentence cut into a third based off of good behavior.

All right? So you probably gonna get somewhere around seven, seven and a half years off your sentence. So let’s say you do a good 18 years, eight for 25 billion with a b. Let’s say you do 18 years in a can, and then you get a couple, couple more off for good behavior. Would you be willing to do 18 years, 18 years? And at the end of that sentence, they found out it wasn’t his.

Y’all said, no, never can get that time back. Well, that’s funny, because I actually agree with y’all, most of y’all. But here’s the other part of it, right? Here’s the other part of it. I see people crash out and do way big crimes that yield them less results and get them way more time and risk more for less. Every day we look at people that be on this show, and I’m gonna show some of them to y’all.

Every day we see people that risk way more and get way more time for way less. And so that then gives me pause, because I’m not sure that I believe y’all. I’m not sure that I believe y’all. Because every day, a lot of people is out here crashing out for way less. Significantly less people crash out for. So I’m not sure that I really believe y’all. Maybe I believe y’all, cuz y’all, most of y’all are chasers.

Mostly all as chasers. But I see people do it for way less. They do it for a couple dollars. A couple dollars, 8 billion. I think some of y’all is taking that. Taking that, that ride up north. What up, Jennifer D? Yeah, it’s not worth it for me. I can’t. I can’t justify it. I’m not going to do that. And so it’s a little bit different for me as far as what it is that I stand for.

Anton you say you always interact with the chat, and you shouted me out, bro, I’m going to become a bag chaser. Shout out to the new chaser. So, got 25 years in prison. He’s going to peel the sentence. He wanted to do way less. So that’s what it is. All right. Except under his eyes. We need to be able to profile these guys a little bit more. Got the tattoo on the neck.

Suspect, suspect. Let me look at Julio one more time. Does Julio got a tattoo on his neck? Usually they got tattoos on a neck. I don’t see no tattoos on Julio’s name. Julio probably haven’t descended unto the criminal underworld farther. Far enough to get the tattoo on his neck yet. But, yeah, he’ll get there. He’ll get there. Lewis Armstrong. But Lewis. Yeah, Lewis, I see your type. Got the tattoo on the neck.

Got that bulldog, that bull master the neck. Suspect, suspect. Axel Reyes. Oh, and Axel. We know Axel. We got. We know Axel. Listen, Axel just wanted to be down when he first started getting with the crew. And Axel has descended into the criminal underworld, because now he’s influenced. Axel actually come from a good home. Axel comes from a good home. Axel is not even supposed to be there.

Axel got good parents, and Axel’s parents got a really good marriage. Yeah, you not even supposed to be out there, but you got your nerve up. I know. I know Axel. Anybody know Axel? If y’all know Axel and he get out of jail, tell him to call me into this millionaire morning show so we can get him some act, right? Listen, you could probably get to Julio. Julio probably want to do some.

Do some changing. He hasn’t quite descended. Axel has always grown up to be a wannabe. And because he grew up to be a wannabe, he started to involve himself and stuff that he wasn’t supposed to be in. Yeah, I know who Axel is. We seen Axel too many times. Yeah, his name is Clarence. His name is Clay. Do you have. Y’all know Axel parents is in a really good marriage.

Father owns a construction company, mom was a teacher. Home is paid for. Really. Stay in the suburbs. He started slumming it out and then decided to stay in the hood because they gave him some credibility, because he was the only white boy that was there. We know Axel, bro. I seen Axel too many times. Keep on saying. What up, cuh? What up who? My name is Anton, and your name is? Axel.

Axel Whitbury. Okay, Mr. Whitbury, please report to the front of the congregation so you can get this work. I know this type. I didn’t seen too many dudes like this. Now he doing break ins. Now he doing break ins. Come on, man. Stop it, bro. .

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