FTX founder Sam Bankman-Fried could end up behind bars for years, although much needs to happen first as federal entities probe the company’s spectacular collapse.
FTX’s downfall has resulted in investigations by the Securities and Exchange Commission, the Department of Justice, the Commodity Futures Trading Commission, and the U.S. Attorney’s Office for the Southern District of New York. They are looking into whether Bankman-Fried or his colleagues knowingly committed fraud in the lead-up to the collapse, a conviction that could result in significant jail time.
“The dollar value of loss plays a significant role. Under the guidelines, any loss above $550 million adds 30 points to the base-level offense,” Perry said, noting that the number of victims involved adds points. Bankman-Fried was once one of the wealthiest people in the cryptocurrency world, worth more than $15 billion this year. As FTX and associated hedge fund Alameda Research crumbled around him, Bankman-Fried’s wealth plummeted, marking the biggest one-day decline among the billionaires that Bloomberg keeps track of.
During the interview, Bankman-Fried demurred when he was asked if he was concerned about facing criminal charges as a result of the collapse.
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