Damian Williams, U.S. Attorney for the Southern District of New York, launched this declaration on social networks platform X (previously twitter) after Sam Bankman-Fried was sentenced to 25 years in jail:
Samuel Bankman-Fied managed among the biggest monetary scams in history, taking over $8 billion of his consumers’ cash. His intentional and continuous lies showed a brazen neglect for clients’ expectations and disrespect for the guideline of law, all so that he might covertly utilize his clients’ cash to broaden his own power and impact.
The scale of his criminal offenses is determined not simply by the quantity of cash that was taken, however by the amazing damage triggered to victims, who sometimes had their life cost savings erased over night. As an outcome of his extraordinary scams, Bankman-Fried faces 25 years in jail, loss of over a billion dollars and restitution to his victims.
Today’s sentence will avoid the accused from ever once again dedicating scams and is a crucial message to others who may be lured to take part in monetary criminal offenses that justice will be quick, and the effects will be extreme.
Here is the complete news release from the Office of Public Affairs