FTX founder Sam Bankman-Fried speaks out after sentencing: 'I'm haunted, every day, by what was lost' - ABC News

[Gunnar Larson]

https://abcnews.go.com/US/ftx-founder-sam-bankman-fried-speaks-after-sentencing/story?id=108634072


Former crypto entrepreneur Sam Bankman-Fried told ABC News in an exclusive
interview that he is remorseful for his actions that last week resulted in
a 25-year prison sentence for fraud.

"It's most of what I think about each day," he said.


Bankman-Fried's sentence capped off a 17-month saga that began in November
2022 when FTX, a global cryptocurrency exchange he co-founded and served as
CEO, imploded, resulting in a $8 billion loss for its customers.
Bankman-Fried resigned amid the company's fall and the new ownership filed
for bankruptcy. Prosecutors said he stole from FTX customers and used the
money for political contributions, investments and personal gain. Last
fall, he was convicted of seven counts of fraud, conspiracy and money
laundering, which led to Thursday's sentencing.

Speaking exclusively to ABC News via email throughout the weekend from the
Metropolitan Detention Center in Brooklyn, Bankman-Fried said FTX's
insolvency was the result of several "bad decisions" he made in 2022.

FTX founder Sam Bankman-Fried leaves Federal court on July 26, 2023, in New
York. (AP Photo/Mary Altaffer)
Mary Altaffer/AP
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"I never thought that what I was doing was illegal. But I tried to hold
myself to a high standard, and I certainly didn't meet that standard," he
said.

During his sentencing on Thursday, U.S. District Judge Lewis Kaplan said
Bankman-Fried committed perjury in his testimony and was "often evasive."
The judge also said that the defendant's remarks never conveyed "a word of
remorse for the commission of terrible crimes."

Bankman-Fried said Sunday that "of course" he is remorseful.

"I've heard and seen the despair, frustration and sense of betrayal from
thousands of customers; they deserve to be paid in full, at current price,"
he said.


"That could and should have happened in November 2022, and it could and
should happen today. It's excruciating to see them waiting, day after day,"
he said.

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He added that he "felt the pain" from co-workers as he "threw away what
they poured their lives into" and from the charities he supported "as their
funding turned into nothing but reputational damage."

"I'm haunted, every day, by what was lost. I never intended to hurt anyone
or take anyone's money. But I was the CEO of FTX, I was responsible for
what happened to the company, and when you're responsible it doesn't matter
why it goes bad. I'd give anything to be able to help repair even part of
the damage. I'm doing what I can from prison, but it's deeply frustrating
not to be able to do more," he said.

In his statement to the court Thursday, Bankman-Fried, 32, said that had he
or another FTX employee remained in place as CEO, customers would have been
"paid back long ago." He blamed the company's decision to not restart the
FTX exchange, which he said could have potentially led to long-term value.

"There are and always have been plenty of assets to repay customers,
lenders, and investors in full, at current prices or prices at the time,"
he said.

In a court filing last year, Bankman-Fried accused Sullivan & Cromwell, the
law firm representing FTX's new ownership, of working with prosecutors and
said he had a right to see the FTX documents the company shared with
prosecutors. For that reason, Bankman-Fried suggested on Sunday he was not
given a fair trial.

"At the root, SullCrom's role in the prosecution, the one-sided media
frenzy they incited, and the defense's inability to get in critical
evidence at trial, infected the whole process," he said.

Sullivan & Cromwell did not respond to a request for comment on Sunday.

Bankman-Fried also said his defense team plans to appeal later this year
based on certain trial testimony that he said, "greatly misstated what
actually happened" and the fact that his defense was "not allowed to
introduce crucial evidence or put on important witnesses." He did not offer
specifics, explaining he did not want to impact his defense team's legal
strategy.

Following his Thursday sentencing, Bankman-Fried said he, "lost everything
I had to lose."

"I'd give anything to be out there, trying to make a positive difference in
the world, but I know that's not going to happen. I can't help from
prison," he said in court.
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