U.S. District Judge Lewis Kaplan sentenced Bankman-Fried on Thursday, March 28, at a Manhattan court hearing. The judge rejected Bankman-Fried’s claim that FTX customers didn't actually lose money and accused him of lying during his trial testimony.

Kaplan stated that Bankman-Fried was aware of the wrongdoing and its criminal nature. Bankman-Fried expressed regret for misjudging the risk of getting caught but refused to admit guilt. Alongside a prison sentence, Kaplan ordered Bankman-Fried to forfeit $11.2 billion, citing the impracticality of restitution due to the numerous victims.

During his sentencing, Bankman-Fried acknowledged the suffering of FTX customers and apologized to his former colleagues for his actions. He admitted to not adequately addressing the impact on customers previously and expressed remorse for wasting his colleagues' efforts.

Bankman-Fried, 32, was found guilty by a jury on Nov. 2 of seven fraud and conspiracy counts related to FTX's 2022 collapse, described as one of the largest financial frauds in U.S. history. FTX, once valued at $32 billion, went bankrupt in 2022 with $8 billion of customer funds missing. Bankman-Fried, who had become a prominent figure in the business world, was found to have misappropriated billions of customer funds for personal investments, including real estate and political contributions.

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