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.
The UK has come a “step closer” to having direct, high-speed rail connections to Germany, the Department for Transport has said.
A partnership between international train operator Eurostar and German national rail company Deutsche Bahn (DB) has “set the foundation” for a fast rail connection between Britain and Europe’s largest economy, the businesses announced on Thursday.
It means the companies are exploring options to offer direct services between London and Cologne and Frankfurt.
Such direct services would mean reaching Cologne in four hours, and Frankfurt in less than five from the capital city.
At present, rail passengers have to change trains in Brussels to reach those cities. It takes at least five-and-a-half hours to reach Frankfurt, and four-and-a-quarter hours to arrive in Cologne.
Image: Cologne Central Station could soon be served by trains from the UK. Pic: AP
The proposed services would use existing lines and infrastructure. Passengers would board a double-decker Eurostar in London, and be spared a change of trains on the continent.
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The ambition to create such links had already been announced, as had a plan to allow direct rail travel from London to Geneva, but the partnership between DB and Eurostar had not.
Will it definitely happen?
Details and technicalities are yet to be worked out, with the German train company highlighting that any services are contingent upon “the necessary technical, operational, and legal prerequisites being met”.
“Implementation by individual railway companies is considered extremely difficult,” DB said.
“Joint partnerships are therefore crucial.”
What about Berlin?
Nothing was announced for a direct service to Berlin on Thursday, despite Transport Secretary Heidi Alexander singling out the benefits and prospect of journeys from London to the German capital in July.
“The Brandenburg Gate, the Berlin Wall and Checkpoint Charlie – in just a matter of years, rail passengers in the UK could be able to visit these iconic sights direct from the comfort of a train, thanks to a direct connection linking London and Berlin,” she said at the time.
Image: A high-speed Eurostar train heading towards France. File pic: PA
Shorter journeys, like those to Frankfurt and Cologne, are seen as more commercially viable than the current 10-hour train journey time to Berlin.
Market studies conducted by Eurostar found travellers are comfortable with international rail journeys of up to six hours.
“Our research indicates that many would choose rail over air for trips within this timeframe,” Eurostar told Sky News. “This, combined with strong business and leisure demand on this route, is why we have prioritised London to Frankfurt.”
The Department for Transport said the focus on the two German cities was a commercial decision by Eurostar and DB, and the UK-Germany rail taskforce, established over the summer, could pave the way for further route announcements.
“She doesn’t belong in the Treasury; she belongs in la-la land.”
Chess claims made up? Where did that attacking move from Kemi come from? Hasn’t the chancellor told us for years that she was a national chess champion in 1993?
Indeed she has. “I am – I was – a geek. I played chess. I was the British girls’ under-14 champion,” she declared proudly in a 2023 interview with The Guardian.
She posted a video showing her playing chess in parliament and before last week’s budget posed for photos with a chessboard.
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But her chess champion claim has been disputed by a former junior champion, Alex Edmans, who has accused her of misrepresenting her credentials.
“Her claim was quite specific,” Edmans, now a professor of finance at the London Business School, told Ali Fortescue on the Politics Hub on Sky News.
“She said she was the British girls’ under-14 champion. There was one event that can go on that title, which is the British Championship. And in the year that she claimed, it was Emily Howard who won that title instead.
“She did indeed win a quite different title. There was a British Women’s Chess Association championship, but that’s a more minor title. I’ve won titles like the British squad title, but that’s not the same.
“Just like running a marathon in London is not the same as the London Marathon, there was one event which is very prestigious, which is the British Championship.
“So the dispute is not whether she was a good or bad chess player. That shouldn’t be the criterion for a chancellor. But if you weren’t the British champion, you shouldn’t make that statement.”
Oh dear! So now, along with allegations of plagiarism, a dodgy CV and “lying” – according to Ms Badenoch – about the nation’s finances, the chancellor is between a rook and a hard place.
Or is she? “This story is absolute nonsense,” a Treasury mate told Sky News. No word from the No.10 knight, Sir Keir Starmer, or his Downing Street ranks, however.
Emily Howard, as it happens, is now an accomplished composer, having graduated from the chessboard to the keyboard.
The chancellor’s opponents, meanwhile, claim her budget blunders means the Treasury queen has now become a pawn, there for the taking.
But since Rachel Reeves did indeed win a chess title, just not the one she claimed, her supporters insist she can justifiably claim to have been a champion.
So it’s too soon for Kemi Badenoch and the Conservatives to claim checkmate. The dispute remains a stalemate. For now.
Who is the man behind the record-breaking multi-million pound donation to Reform UK?
Christopher Harborne gave Nigel Farage‘s party £9m in August, according to new data published by the Electoral Commission. The contribution ranks as the largest ever single donation from a living person in UK political history.
Born in Britain, Mr Harborne is a businessman who owns several companies, employing more than 600 people worldwide, according to a court filing dated last year.
Image: Reform UK leader Nigel Farage
Yet he’s not resident in the UK, and is also a citizen of Thailand, where he is known as Chakrit Sakunkrit, and has lived and worked there for 20 years.
Nonetheless, he has a long history of political donations to British parties.
Electoral Commission data shows he has previously donated to the Conservatives, gifting them £10,000 in May 2001, and continuing to support them with close to £2m in donations by October 2022.
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Image: Christopher Harborne, furthest right, joins Boris Johnson, left, during his visit to Lviv, Ukraine. Pic: City of Lviv
But there was been some overlap with his backing of Reform, which first received a donation from him in April 2019, for £200,000.
He’s also donated to Mr Farage personally, giving £27,616.76 in January so the Reform leader could attend the second inauguration of Donald Trump.
He paid another £32,836 for the Reform and a member of staff to fly to the US following the attempted assassination of Trump in July last year.
And he gave one of the biggest donations ever made to an individual UK politician when he backed Boris Johnson to the tune of £1m in 2022.
Image: Christopher Harborne sits second left from Boris Johnson, centre, during his visit to Lviv, Ukraine. Pic: City of Lviv
He served as an advisor to Mr Johnson during the former PM’s trip to Kyiv in 2023.
His latest cash injection to Reform UK breaks the previous record for a donation from a living person, which was £8m from supermarket tycoon Lord David Sainsbury to the Liberal Democrats in 2019.
The largest ever single donation to a UK political party was from his cousin, Lord John Sainsbury, who left more than £10.2m to the Conservatives in 2022 in his will.
Electoral Commission records show Mr Harborne has made at least £24.5m in UK political donations since 2001.
But where is his money from?
Several of his businesses come under the banner of AML Global, including one registered in the UK, which has a London address listed with Companies House.
AML Global is described in a court filing as an international jet fuel broker that works with oil companies, and which has been awarded $39m (£29m) worth of contracts by the US Department of Defense.
Harborne was also an early investor in Bitcoin and other cryptocurrencies.
On his LinkedIn page, the businessman further describes himself as chair of Sherriff Global Group.
His profile shows he was educated at INSEAD business school, Cambridge University, and Westminster School.
Figures from the Electoral Commission released this week show Reform UK reported the most donations of any party in the third quarter of 2025, a total of £10,526,846.
By contrast, the Conservatives reported £7,038,861 in the same period, Labour £2,564,786, and the Liberal Democrats £2,174,712.