Embattled FTX CEO, Sam Bankman-Fried while addressing the court before he was sentenced to 25 years in prison, expressed both remorse and some sorts of defiance.
He spoke for about 20 minutes, claiming that the collapse of his crypto trading company ‘haunts me every day.’
In his remarks, Bankman-Fried paid respects to his former colleagues at FTX, many of whom testified against him, noting that they ‘poured themselves into the company for years then watched me throw away everything they’d built.’
“A lot of people feel really let down and they were very let down.
“I’m sorry about that. I’m sorry about what happened at every stage. Things I should have done, things I shouldn’t have.” He said.
Apparently exhibiting fear over the soon-to-be delivered sentence, Bankman-Fried said:
“My useful life is probably over. It´s been over for a while now, from before my arrest.
“I don’t know that the most important thing here today is my emotional life or my hypothetical future kids.”
According to him, the collapse of FTX haunts him every day, stressing that although he made bad decisions, other factors contributed to his downfall.
“Customers don’t deserve any of that pain.” He added.
However, Bankman-Fried insisted that FTX customers could be paid back in full.
“There were enough assets, there are enough assets to pay back investors in full”. Bankman-Fried said.
“I was the CEO of FTX, I was its leader. That means that I was responsible for what happened to it. It doesn’t matter why things go bad when you’re responsible, it’s on you…it’s collapse is on me.
“I’m not the one who matters the most at the end of the day. What matters is the customers, the creditors, the employees, the people who have suffered a lot because of this.” He continued.
Before the sentencing, Manhattan Judge Lewis Kaplan was quick to bemoan Bankman-Fried during the proceeding and noted the ‘fraudster’ committed perjury multiple times during a trial that saw him convicted on all counts.
The Judge also called Bankman-Fried a ‘thief’ who ‘is not entitled’ to a lighter sentence.
Sam Bankman-Fried sentencing comes months after a Manhattan jury convicted him on all charges of fraud, conspiracy and money laundering.
Chinedum Anayo