Read Sam Bankman-Fried’s statement to the court before 25-year sentencing

Published

2 years ago

March 29, 2024

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Disgraced FTX founder Sam Bankman-Fried whined that his “useful life” was over before he was sentenced Thursday to 25 years in prison.

“At the end of the day, my useful life is probably over,” Bankman-Fried said in a rambling 20-minute statement to a Manhattan court before Judge Lewis Kaplan handed down the sentence. “It has been over for a while now.”

The FTX founder, 32, was convicted of stealing more than $8 billion from his customers.

“I have long since given everything that I had to give, and I would do anything to be out there right now trying to help, but I know that’s not going to happen,” he said. “I can’t really do that from prison. I can’t really help.”

Bankman-Fried stood uncuffed in his tan jail garb to deliver his meandering mea culpa.

His hands were tightly clasped at his waist and his head was mostly bowed, with occasional glances at the judge, who called him “unremorseful.”

He said he made a “series of bad decisions” that led to the implosion of FTX, his cryptocurrency company, but the decisions were neither “selfish” or “selfless,” but just “bad.”

The fraudster said his customers “should be paid in full” to the “current value of assets” as there are “billions more than is necessary” available to use.

He also apologized to his employees, who “watched me throw away everything they had built.”

“I know a lot of people feel really let down, and they were right, they were, were very let down. I’m sorry about that. I’m sorry about what happened at every stage, things I should have done and said, things I shouldn’t have. I failed everyone that I care about and everything I care about too,” he said.

“They threw themselves into it. And then I threw all of that away,” he continued. “It haunts me every day.”

Judge Kaplan didn’t buy into Bankman-Fried’s apologies and said the disgraced tech whiz was “presenting himself as the good guy” when it was just an “act.”

He did it because he wanted to be a hugely, hugely politically influential person in this country, Kaplan said. He knew it was wrong, he knew it was criminal, he regrets that he made a very bad bet about the likelihood of being caught.”

Outside of his 25 years in prison, the former business owner was ordered to pay back $11 billion and has to forfeit any asset that could help him make the large repayment.

At his peak, the fraudster’s empire was worth $40 billion and he was rubbing elbows with the rich and powerful.

That all fell apart when he was arrested weeks after his platform collapsed and he was charged with using FTX users’ funds to pay off his $8 billion debt to his failing hedge fund Alameda Research.

He was later convicted of seven counts of fraud and conspiracy.

Kaplan Kaplan suggested that Bankman-Fried who is currently being held at the Metropolitan Detention Center in Brooklyn be sentenced to serve his time in a medium-security prison near his familys home in Northern California.

The Bureau of Prisons are expected to make a decision on where the scammer will go in the coming months.

Technology

CNBC Daily Open: A rough and historically atypical November for U.S. stocks

Published

3 hours ago

November 28, 2025

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CNBC Daily Open: A rough and historically atypical November for U.S. stocks

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Nov. 26, 2025.

Brendan McDermid | Reuters

The U.S. stock market was closed Thursday stateside for Thanksgiving Day and will reopen on Friday until 1 p.m. ET.

With approximately just 3 hours of trading left for the month, major U.S. indexes are looking to end November in the red, based on CNBC calculations.

As of Wednesday’s close, the S&P 500 was down 0.4% month to date, the Dow Jones Industrial Average 0.29% lower during the same period and the Nasdaq Composite retreating 2.15%, vastly underperforming its siblings as technology stocks stumbled in November.

Unless there’s a huge jump in stocks during the shortened trading session on Friday stateside — which might not be an unequivocally positive move since it would raise more questions about the market’s sustainability — that means the indexes are on track to snap their winning streaks. The S&P 500 and Dow Jones Industrial Average have risen in the past six months, and the Nasdaq Composite seven.

It will also mark a divergence from the historical norm. The S&P 500 has advanced an average of 1.8% in November since 1950, according to the Stock Trader’s Almanac. And in the year following a U.S. presidential election, it typically rises 1.6%.

But it’s not been a typical post-presidential election year. It’s hard to see the market, in the coming months, or even years, moving according to any historical trajectory.

What you need to know today

U.S. futures are mostly flat Thursday night. The stock market was closed during the day for the Thanksgiving break in the U.S. Europe’s Stoxx 600 inched up 0.14%, rebounding from earlier losses.

Alibaba’s AI glasses go on sale. The Quark AI Glasses come in two variants that cost 1,899 Chinese yuan ($268) and 3,799 yuan, less than Meta’s $799 Meta Ray-Ban Display glasses, signaling Alibaba’s competitive entry into the consumer AI market.

Apple files a case against India’s antitrust body. The Competition Commission of India is investigating complaints about Apple’s in-app purchase policies, and could fine the company based on its global turnover — which means a potential $38 billion penalty.

Russia is ready for ‘serious’ discussions for peace. The U.S.-led framework “can be the basis for future agreements,” Russian President Vladimir Putin said Thursday, as translated by Reuters. He added that the U.S. seemed to take Moscow’s position “into account.”

[PRO] Bank of America doesn’t see much upside for 2026. The S&P 500 should rise by a single-digit percentage point, a slowdown from recent years because one supporting factor will be shrinking, said a strategist from the bank.

And finally…

An operator works at the data centre of French company OVHcloud in Roubaix, northern France on April 3, 2025.

Sameer Al-doumy | Afp | Getty Images

Europe’s slow and steady approach to AI could be its edge

It’s unlikely that Europe will lead in building facilities for AI hyperscalers or for the training of AI — that race is considered all but won — but the general consensus is that it could excel in smaller, cloud-focused and connectivity-style facilities.

Europe has “a lot of constraints, but, actually, the more difficult something is to replicate, the more long-term value what you’ve got has,” said Seb Dooley, senior fund manager at Principal Asset Management.

— Tasmin Lockwood

Sports

Drinkwitz agrees to new 6-year deal with Missouri

Published

4 hours ago

November 28, 2025

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Drinkwitz agrees to new 6-year deal with Missouri

Missouri has agreed to a new six-year contract with coach Eliah Drinkwitz with an average annual compensation of $10.75 million, the school announced Thursday.

Drinkwitz indicated the deal was imminent on social media Thursday morning, thanking the school president, Mun Choi, board of curators, athletic director Laird Veatch, the boosters and fans. “Why stop now!!” he tweeted.

“My family and I believe deeply in the vision and leadership from our administration and are incredibly happy to continue calling Columbia our home,” Drinkwitz said in a statement. “I’m grateful for the unwavering support of President Mun Choi, the Board of Curators, led by Chair Todd Graves and incoming Vice Chair Bob Blitz, along with our athletics director Laird Veatch. We’re also incredibly thankful for the support of our generous donors and NIL partners. I’m committed to continuing our work to build Mizzou into a championship program.”

The move is an aggressive one by Missouri to keep Drinkwitz near the top of the country’s highest-paid coaches, as his base salary will increase to $10.25 million in 2026, which is up from $9 million in 2025.

Drinkwitz received interest from several of the top jobs on the carousel, and the move by the school to agree to a new deal with him is reflective of the trend seen at places like Indiana, SMU and Nebraska in an effort to keep their coaches.

Drinkwitz led Missouri to back-to-back double-digit win seasons in 2023 and 2024, and the program has qualified for its sixth straight bowl game. The Tigers rose to as high as No. 8 in the Associated Press poll in 2023 and No. 6 in 2024. This year, Missouri climbed to No. 14.

During his tenure, Missouri has wins over Ohio State, Iowa, Oklahoma, Tennessee, Florida and LSU. He is 45-28 in six seasons.

Missouri is 7-4, with all four losses coming to teams ranked in the Top 10 at the time.

Entertainment

Sally Rooney tells court new books may not be published in UK due to Palestine Action ban

Published

4 hours ago

November 28, 2025

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Sally Rooney tells court new books may not be published in UK due to Palestine Action ban

Irish author Sally Rooney has told the High Court she may not be able to publish new books in the UK, and may have to withdraw previous titles from sale, because of the ban on Palestine Action.

The group’s co-founder Huda Ammori is taking legal action against the Home Office over the decision to proscribe Palestine Action under anti-terror laws in July.

The ban made being a member of, or supporting, Palestine Action a criminal offence punishable by up to 14 years in prison.

Rooney was in August warned that she risked committing a terrorist offence after saying she would donate earnings from her books, and the TV adaptations of Normal People and Conversations With Friends, to support Palestine Action.

In a witness statement made public on Thursday, Rooney said the producer of the BBC dramas said they had been advised that they could not send money to her agent if the funds could be used to fund the group, as that would be a crime under anti-terror laws.

Rooney added that it was “unclear” whether any UK company can pay her, stating that if she is prevented from profiting from her work, her income would be “enormously restricted”.

She added: “If I were to write another screenplay, television show or similar creative work, I would not be able to have it produced or distributed by a company based in England and Wales without, expressly or tacitly, accepting that I would not be paid.”

Rooney described how the publication of her books is based on royalties on sales, and that non-payment of royalties would mean she can terminate her contract.

“If, therefore, Faber and Faber Limited are legally prohibited from paying me the royalties I am owed, my existing works may have to be withdrawn from sale and would therefore no longer be available to readers in the UK,” Rooney added, saying this would be “a truly extreme incursion by the state into the realm of artistic expression”.

Rooney added that it is “almost certain” that she cannot publish or produce new work in the UK while the Palestine Action ban remains in force.

She said: “If Palestine Action is still proscribed by the time my next book is due for publication, then that book will be available to readers all over the world and in dozens of languages, but will be unavailable to readers in the United Kingdom simply because no one will be permitted to publish it, unless I am content to give it away for free.”

Sir James Eadie KC, barrister for the Home Office, said in a written submission that the ban’s aim is “stifling organisations concerned in terrorism and for members of the public to face criminal liability for joining or supporting such organisations”.

“That serves to ensure proscribed organisations are deprived of the oxygen of publicity as well as both vocal and financial support,” he continued.

The High Court hearing is due to conclude on 2 December, with a decision expected in writing at a later date.