FTX’s Sam Bankman-Fried May Shave 4 years Off His Prison Sentence for Good Behaviour ⋆ ZyCrypto
The post FTX’s Sam Bankman-Fried May Shave 4 years Off His Prison Sentence for Good Behaviour ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     An imprisoned crypto fraudster, Sam Bankman-Fried (SBF), may shave 4 years off his 25-year prison sentence for good behaviour. The American prison system has a process for reducing a sentence if an inmate displays good behaviour. A jury convicted SBF of 7 counts of fraud and conspiracy related to the collapse of crypto exchange FTX. Prosecutors successfully argued that SBF and his colleagues funneled customers’ funds from the FTX exchange to Alameda Research, a hedge fund owned by SBF. However, the convicted fraudster may be able to spend considerably less time behind bars if he continues to display good behaviour. The funneling scheme, which was responsible for his conviction, was worth $11 billion of customers’ funds. When searched on their website, the Federal Bureau of Prisons (BOP) reveals a reduced sentence for SBF. The database was most likely updated to reflect SBF’s good behaviour. American prisoners can receive up to 54 days a year in credit for good behaviour. These credits can reduce the prison sentence for inmates serving over 1 year. It seems that the prison may have given SBF the maximum amount of reward points. This comes not long after SBF was reprimanded for breaking prison rules by participating in a Tucker Carlson interview. In November 2023, a jury convicted SBF of 7 counts of fraud, conspiracy, and money laundering for using customers’ funds to build his hedge fund company. The court found that SBF used $11 billion of customers’ funds to make money on his hedge fund. In March 2024, the court sentenced SBF to 25 years in prison and ordered him to forfeit $11 billion in funds. The courts also sentenced SBF’s colleague, Caroline Ellison, but gave her a lighter sentence for cooperating with authorities. On March 6, Tucker Carlson interviewed SBF at…
The post FTX’s Sam Bankman-Fried May Shave 4 years Off His Prison Sentence for Good Behaviour ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement An imprisoned crypto fraudster, Sam Bankman-Fried (SBF), may shave 4 years off his 25-year prison sentence for good behaviour. The American prison system has a process for reducing a sentence if an inmate displays good behaviour. A jury convicted SBF of 7 counts of fraud and conspiracy related to the collapse of crypto exchange FTX. Prosecutors successfully argued that SBF and his colleagues funneled customers’ funds from the FTX exchange to Alameda Research, a hedge fund owned by SBF. However, the convicted fraudster may be able to spend considerably less time behind bars if he continues to display good behaviour. The funneling scheme, which was responsible for his conviction, was worth $11 billion of customers’ funds. When searched on their website, the Federal Bureau of Prisons (BOP) reveals a reduced sentence for SBF. The database was most likely updated to reflect SBF’s good behaviour. American prisoners can receive up to 54 days a year in credit for good behaviour. These credits can reduce the prison sentence for inmates serving over 1 year. It seems that the prison may have given SBF the maximum amount of reward points. This comes not long after SBF was reprimanded for breaking prison rules by participating in a Tucker Carlson interview. In November 2023, a jury convicted SBF of 7 counts of fraud, conspiracy, and money laundering for using customers’ funds to build his hedge fund company. The court found that SBF used $11 billion of customers’ funds to make money on his hedge fund. In March 2024, the court sentenced SBF to 25 years in prison and ordered him to forfeit $11 billion in funds. The courts also sentenced SBF’s colleague, Caroline Ellison, but gave her a lighter sentence for cooperating with authorities. On March 6, Tucker Carlson interviewed SBF at…
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