![BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceSam Bankman-Fried: Disgraced ‘Crypto King’ to be sentencedPublished1 hour agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty Images/BloombergBy Natalie ShermanBusiness reporter, New YorkSam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.It is certain the 32-year-old will be going to jail; what is not known is how long for.The moment has revived debate about the extent of his crimes – and what punishment might fit. His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison.They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX.His defence team has proposed five to 6.5 years, accusing the government of adopting “a medieval view of punishment” by insisting on a lengthy term behind bars for a non-violent, first-time criminal.The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents – even complete strangers – trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate.”He has shown no remorse so why would any judge show any mercy?” said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court. Image caption, Sunil Kavuri faces a long and uncertain wait to retrieve any of his investmentFTX’s collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.It attracted millions of customers, before rumours of financial trouble sparked a run on deposits. In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments.Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed.In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence. They said it proved that “money has always been available” which “would be impossible if [FTX’s] assets had disappeared into Sam’s personal pockets”. But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since. John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court.”Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,” he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live “a life of delusion”. Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency.”The people who are saying this are not in a position like I’m in, where you’ve lost everything,” said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange’s biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed. Image source, Arush SehgalHe is one of the customers suing over the current bankruptcy plan, which he said amounted to a “second crime” against Bankman-Fried’s customers. Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed. She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry.”People think that crypto is criminal and so they have sympathy for this guy …. But I’m not a criminal,” she said, describing how the fall of the firm threw her into depression and left her running up credit card debt. Facing a cash crunch, she ultimately sold a portion of a claim to an investor.Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case.But he said decisions are often shaped more by other issues, including a judge’s own impressions of the defendant, and what it would take to deter him from further crimes. In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried’s actions, revoking his bail last year after finding he was trying to intimidate other witnesses. “Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he’s on the right path, show some remorse and show some degree of self-knowledge as to his offence,” Prof Richman said. “Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,” he said, adding that it would be “really surprising” for Judge Kaplan to render a sentence anything like the defence request. FTX’s Sam Bankman-Fried believed in ‘effective altruism’. What is it?Convicted ‘Crypto King’ faces decades in jailEveryone got duped by Sam Bankman-Fried’s big gambleSince the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals.Though judges frequently depart from the guidelines, introducing wide variability, “the risk of harshness is greater than in most countries” – particularly for high-profile cases, Prof Richman said.In her own appeal to the judge, Barbara Fried, Bankman-Fried’s mother and a former law professor, noted the “punitive nature” of the US justice system “which makes us an extreme outlier among democracies”. “I have no illusions about the redemptive power of prisons,” she wrote. “Being consigned to prison for decades will destroy Sam as surely as would hanging him.”Related TopicsInternational BusinessCryptocurrencyMore on this storyEveryone got duped by Sam Bankman-Fried’s big gamblePublished3 November 2023Convicted ‘Crypto King’ faces decades in jailPublished3 November 2023Top StoriesDivers recover bodies in Baltimore bridge collapse watersPublished2 hours agoGirl, 10, left inoperable after surgery axed seven timesPublished7 hours agoKing sends ‘hand of friendship’ recorded messagePublished3 hours agoFeaturesThe Papers: Sewage ‘outrage’ and ‘King calls for kindness’ The families borrowing to pay for careFather of three among Baltimore bridge victimsUS guns pour into Haiti, fuelling surge in violenceLost IRA film shows planting and detonation of bombWhy some Tory MPs are stepping downI’m not ashamed of who I am any more, says LionessAfter Moscow attack, migrants from Central Asia hit by backlashWhy is sewage released into rivers and the sea?Elsewhere on the BBCNew lives, new loves and new merciless enemiesSuperman and Lois Lane face one of their biggest challenges… raising two teenage boysAttributioniPlayerThe powerful emotional impact of Pink Floyd’s musicShine On You Crazy Diamond has helped people through their hardest timesAttributionSoundsRadiohead meets Sons of Kemet in this alt-rock supergroupSee The Smile on the 6 Music Festival stageAttributioniPlayerA daughters mysterious disappearanceJoan Lawrence shares how she found out her daughter had disappeared in the run up to Mother’s DayAttributionSoundsMost Read1Gogglebox star, 40, dies after fall from height2Man seriously injured after stabbing on London train3Pupil behaviour getting worse, say teachers4King sends ‘hand of friendship’ recorded message5Girl, 10, left inoperable after surgery axed seven times6Son ‘numb’ as whole-life killer may be released7Sewage ‘outrage’ and ‘King calls for kindness’8France to sue teen over headscarf row claim9Police reassess decision on Rayner allegations10Disgraced ‘Crypto King’ Bankman-Fried to be sentenced](https://newsinsightplus.com/wp-content/uploads/https://ichef.bbci.co.uk/news/1024/branded_news/38FE/production/_133009541_gettyimages-1258710788.jpg)
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BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceSam Bankman-Fried: Disgraced ‘Crypto King’ to be sentencedPublished1 hour agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty Images/BloombergBy Natalie ShermanBusiness reporter, New YorkSam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.It is certain the 32-year-old will be going to jail; what is not known is how long for.The moment has revived debate about the extent of his crimes – and what punishment might fit. His legal team have called for leniency, but prosecutors are seeking 40 to 50 years in prison.They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX.His defence team has proposed five to 6.5 years, accusing the government of adopting “a medieval view of punishment” by insisting on a lengthy term behind bars for a non-violent, first-time criminal.The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents – even complete strangers – trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate.”He has shown no remorse so why would any judge show any mercy?” said Sunil Kavuri, a British investor who had more than $2m worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court. Image caption, Sunil Kavuri faces a long and uncertain wait to retrieve any of his investmentFTX’s collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.It attracted millions of customers, before rumours of financial trouble sparked a run on deposits. In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments.Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed.In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence. They said it proved that “money has always been available” which “would be impossible if [FTX’s] assets had disappeared into Sam’s personal pockets”. But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since. John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court.”Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,” he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live “a life of delusion”. Former FTX customers interviewed by the BBC said they were offended by the blithe dismissal of their problems, and urged the judge to reject calls for leniency.”The people who are saying this are not in a position like I’m in, where you’ve lost everything,” said Arush Sehgal, a 38-year-old tech entrepreneur living in Barcelona, who, with his wife, is one of the exchange’s biggest individual creditors, with about $4m worth in savings in dollars and bitcoin at FTX when it collapsed. Image source, Arush SehgalHe is one of the customers suing over the current bankruptcy plan, which he said amounted to a “second crime” against Bankman-Fried’s customers. Angela Chang, of Vancouver, a 36-year-old who worked in software, said she had about $250,000 deposited in dollars with FTX when it collapsed. She said she feared the harm done to FTX customers was being discounted because they were in the crypto industry.”People think that crypto is criminal and so they have sympathy for this guy …. But I’m not a criminal,” she said, describing how the fall of the firm threw her into depression and left her running up credit card debt. Facing a cash crunch, she ultimately sold a portion of a claim to an investor.Columbia Law professor Daniel Richman said the scale of the crime was rarely as contested as in this case.But he said decisions are often shaped more by other issues, including a judge’s own impressions of the defendant, and what it would take to deter him from further crimes. In this case, Judge Kaplan, a veteran of the court system who has presided over a slew of high profile trials involving public figures such as Donald Trump and actor Kevin Spacey, has already proven to be sceptical of Bankman-Fried’s actions, revoking his bail last year after finding he was trying to intimidate other witnesses. “Any judge or lawyer will tell you that one of the best things the defendant can do before being sentences is really really show he’s on the right path, show some remorse and show some degree of self-knowledge as to his offence,” Prof Richman said. “Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial,” he said, adding that it would be “really surprising” for Judge Kaplan to render a sentence anything like the defence request. FTX’s Sam Bankman-Fried believed in ‘effective altruism’. What is it?Convicted ‘Crypto King’ faces decades in jailEveryone got duped by Sam Bankman-Fried’s big gambleSince the 1980s, the US has significantly increased the length of its official recommendations for jail time for white collar criminals.Though judges frequently depart from the guidelines, introducing wide variability, “the risk of harshness is greater than in most countries” – particularly for high-profile cases, Prof Richman said.In her own appeal to the judge, Barbara Fried, Bankman-Fried’s mother and a former law professor, noted the “punitive nature” of the US justice system “which makes us an extreme outlier among democracies”. “I have no illusions about the redemptive power of prisons,” she wrote. “Being consigned to prison for decades will destroy Sam as surely as would hanging him.”Related TopicsInternational BusinessCryptocurrencyMore on this storyEveryone got duped by Sam Bankman-Fried’s big gamblePublished3 November 2023Convicted ‘Crypto King’ faces decades in jailPublished3 November 2023Top StoriesDivers recover bodies in Baltimore bridge collapse watersPublished2 hours agoGirl, 10, left inoperable after surgery axed seven timesPublished7 hours agoKing sends ‘hand of friendship’ recorded messagePublished3 hours agoFeaturesThe Papers: Sewage ‘outrage’ and ‘King calls for kindness’ The families borrowing to pay for careFather of three among Baltimore bridge victimsUS guns pour into Haiti, fuelling surge in violenceLost IRA film shows planting and detonation of bombWhy some Tory MPs are stepping downI’m not ashamed of who I am any more, says LionessAfter Moscow attack, migrants from Central Asia hit by backlashWhy is sewage released into rivers and the sea?Elsewhere on the BBCNew lives, new loves and new merciless enemiesSuperman and Lois Lane face one of their biggest challenges… raising two teenage boysAttributioniPlayerThe powerful emotional impact of Pink Floyd’s musicShine On You Crazy Diamond has helped people through their hardest timesAttributionSoundsRadiohead meets Sons of Kemet in this alt-rock supergroupSee The Smile on the 6 Music Festival stageAttributioniPlayerA daughters mysterious disappearanceJoan Lawrence shares how she found out her daughter had disappeared in the run up to Mother’s DayAttributionSoundsMost Read1Gogglebox star, 40, dies after fall from height2Man seriously injured after stabbing on London train3Pupil behaviour getting worse, say teachers4King sends ‘hand of friendship’ recorded message5Girl, 10, left inoperable after surgery axed seven times6Son ‘numb’ as whole-life killer may be released7Sewage ‘outrage’ and ‘King calls for kindness’8France to sue teen over headscarf row claim9Police reassess decision on Rayner allegations10Disgraced ‘Crypto King’ Bankman-Fried to be sentenced
[ad_1] The former boss of bankrupt crypto exchange FTX is due to be sentenced for multi-billion dollar fraud.
![BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaHow Russian state media are spinning Alexei Navalny deathPublished15 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Russia’s Channel One TVImage caption, Navalny’s image has been omitted from state TV reports on his deathBy Damien Sharkov & Jennifer Monaghan BBCRussian state media tend not to give much or any airtime to critics of the government, and their initial treatment of Alexei Navalny’s reported death continues in this vein.On state TV channels, the media outlets with the biggest audiences in Russia, there has been minimal coverage of Navalny’s death, and the first reports were largely slow to come and perfunctory.On two of the most popular channels – Channel One and Rossiya 1 – it took almost 45 minutes and an hour respectively after the announcement, before it was mentioned.These reports provided no contextual information of who Navalny was, nor why he was in prison.One didn’t even mention his full name, referring to him only as “Navalny” – despite telling viewers “the most thorough investigation” into his death would take place.When a liberal politician appearing on another popular state TV channel tried to express his condolences on Navalny’s death, he was cut off by the programme’s host, who asked him what this had to do with the topic they were discussing.Image source, Russia’s Rossiya 24 TVImage caption, President Vladimir Putin featured prominently on state TV on Friday – but he has not publicly commented on NavalnyOn social media, however, it is quite a different picture.The news has been all over platforms like X (formerly Twitter) – where it was a top trending topic – and Telegram, an increasingly popular source of news.Posts on Navalny were among the most viewed on Telegram, garnering hundreds of thousands – sometimes over a million – views, in hours.Obituary: Putin’s most vociferous criticLife in pictures: Navalny’s years as a Putin criticAnd while Navalny’s team says it has not yet confirmed the news, many prominent figures sympathetic to his cause voiced incredulity and sadness.”If this is true, then, regardless of the formal reason, Vladimir Putin personally bears responsibility for the premature death,” Mikhail Khodorkovsky, former Russian oligarch turned Putin critic, wrote on Telegram. Other opposition figures echoed those remarks.Several pro-government figures have insinuated it is the West or Russian opposition, rather than President Vladimir Putin, who stand to benefit from the sudden death of Putin’s most prominent critic in Russia. Margarita Simonyan, editor-in-chief of state international broadcaster RT, was quick to ridicule Western reaction.”I won’t even begin to explain to them that everyone has long forgotten [Navalny], that there was no point in killing him, especially before the elections, that it would be beneficial to completely opposite forces,” she said. President Putin is expected to be re-elected next month for a fifth presidential term, having cracked down on opponents.Channel One presenter Anatoly Kuzichev also claimed Navalny had been “safely forgotten even by his associates”, and speculated that his death may have been “an accident” or perhaps an act of “terrible sabotage”.In a similar vein, Russian Foreign Ministry spokeswoman Maria Zakharova suggested there was something “self-revealing” about the swiftness of Western leaders’ response.”There has been no forensic examination yet, but the West’s conclusions are ready,” she said.This video can not be playedTo play this video you need to enable JavaScript in your browser.Media caption, Watch: Russians dragged away after leaving Navalny tributesAlexei Navalny: More coverageOBITUARY: Russia’s most vociferous Putin criticREAD MORE: What we know about reports of Navalny’s death BEHIND BARS: Life in notorious ‘Polar Wolf’ penal colonyIN HIS OWN WORDS: Navalny’s dark humour during dark timesSARAH RAINSFORD: Navalny was often asked: ‘Do you fear for your life?’WATCH: Oscar-winning BBC documentary on NavalnyRelated TopicsMediaRussiaAlexei NavalnyVladimir PutinMore on this storyNavalny’s team says Russian authorities are hiding his bodyPublished1 day agoNavalny was often asked: ‘Do you fear for your life?’Published1 day agoAlexei Navalny, Russia’s most vociferous Putin criticPublished1 day agoTop StoriesNavalny’s team accuses Russia of ‘hiding’ his bodyPublished2 hours agoRosenberg: Dissent takes courage – and Navalny supporters are defiantPublished6 hours agoZelensky warns of ‘artificial deficit’ of weaponsPublished6 minutes agoFeaturesHow Russian state media are spinning Navalny deathRosenberg: Dissent takes courage – and Navalny supporters are defiantNavalny’s life in ‘Polar Wolf’ remote penal colonyMarina Litvinenko on the death of Alexei Navalny. AudioMarina Litvinenko on the death of Alexei NavalnyAttributionSoundsIs Russia turning the tide in Ukraine?The day I found out I had special ‘neo’ bloodIs it even possible to do 28 A-levels – and what’s the cost?I made my Chewbacca suit from 45 bags of hair extensionsCarnival, kisses and snow: Photos of the weekElsewhere on the BBCThe sound effect that became the ultimate movie in-jokeIt’s used in everything from Toy Story to Reservoir Dogs, but what is the Wilhelm Scream?AttributioniPlayerWhat is it really like to be a monk?’To be a monk is something very vast, very high and very beautiful’AttributioniPlayer’I smashed all my trophies’Bradley Wiggins opens up about his mental health and imposter syndromeAttributioniPlayerFancy a film tonight?There’s something for everyone on BBC iPlayerAttributioniPlayerMost Read1Asylum seekers feel unsafe on remote UK island2Two sinkholes open up in field above HS2 tunnel3Jordan North speaks out after sudden Radio 1 exit4Grandmother dies at home hours after calling 9995Navalny’s team accuses Russia of ‘hiding’ his body6Trump hit where it hurts most in New York fraud ruling7Tens of thousands at London pro-Palestinian march8Zelensky warns of ‘artificial deficit’ of weapons9Kuenssberg: Tory by-election disaster shows power of ‘sofa vote’10Rosenberg: Dissent takes courage – and Navalny supporters are defiant](https://newsinsightplus.com/wp-content/uploads/https://ichef.bbci.co.uk/news/1024/branded_news/B443/production/_132674164_channel1_navalnyimageomitted.jpg)
