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.
Writing 26 books and a memoir in his lifetime, John le Carré is widely considered to be one of the best spy novelists of all time.
His son, Simon Cornwell, told Sky News: “I think there was only one thing that was more important to him than his family and that was his writing.”
Image: Rory Keenand and Mat Betteridge in The Spy Who Came In From The Cold. Pic: Johan Persson
Image: Tom Hiddleston returns in season two of The Night Manager. Pic: BBC/Ink Factory/Des Willie
First gaining attention in 1963 with his breakout novel, The Spy Who Came In From The Cold, cementing his reputation 10 years later with Tinker Tailor Soldier Spy, his work is now enjoying a resurgence.
The Spy Who Came In From The Cold has been adapted for the stage for the first time, with confirmation of a TV series to follow, while another of his works, The Night Manager, premieres its second season starring Tom Hiddleston in the new year.
There are further productions waiting in the wings, plus an unfinished le Carré play with the potential to be developed.
And archives of le Carré’s work – containing over 1,200 boxes of material – have gone on display at the Bodleian Libraries at the University of Oxford.
Writing under a pen name, le Carré, who was born David Cornwell, died in December 2020.
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His elder sons, Simon and Stephen, now manage the film, TV and stage rights of his work through their studio The Ink Factory, while his youngest son, Nick, expands the George Smiley universe.
Image: (R-L) Nick Harkaway, John Le Carré, and Simon, Stephen and Tim Cornwell. Pic: Clare Cornwell
Smiley’s continuation ‘could have gone horribly wrong’
One of le Carré’s most well-known creations, Smiley was the antidote to James Bond – bespectacled, balding and a little out of shape – and a recurring character in le Carré’s books.
Simon says Nick, who has two more Smiley books in the pipeline, was “taking on a big risk” developing the character, but insists, “he is the only person who could have done it and done it that well”.
He goes on: “He could find my father’s voice… he grew up talking every day to my dad, as we did, and he just knows at an instinctive level what’s important…
“There are so many ways in which it could have gone horribly wrong, and it went brilliantly right.”
Image: Nick Harkaway with his first Smiley continuation novel, Karla’s Choice. Pic: AP
‘A family enterprise’
Explaining how they all work together – calling it a “family enterprise in the best of ways” – Simon explains: “A lot of authors, when they die, they leave very strict instructions to their children, their estate as to how things should be managed and lots of rules and restrictions and everything else. My dad didn’t do that.”
Le Carré’s fourth son, Tim, sadly died aged 59 in 2022, shortly after editing a collection of his father’s letters, titled A Private Spy.
Le Carré is by no means the only author whose legacy lives on via others.
Announcing a staggered retirement, Lee Child passed his hit creation Jack Reacher on to his younger brother Andrew in 2020.
PG Wodehouse’s much-loved Jeeves and Wooster stories have been rewritten this Christmas by celebrity fans including Frank Skinner and Alan Titchmarsh, half a century after his death.
Image: Daniel Craig at the No Time To Die world premiere in 2021. Pic: Reuters
Staying part of the conversation is key
While Ian Fleming’s James Bond has been continued by 15 authors so far, and spilling into the young adult genre, capturing a whole new generation of readers.
Mark Edlitz, intellectual expert and author of The Many Lives Of James Bond, told Sky News such continuations are essential to the survival of the work.
Image: Author Mark Edlitz has written about the Bond continuation novels
“We have seen all these detectives and spies who don’t have a movie series or a TV series to bolster their eyeballs, and then they fade from public view.
“These books and movies help keep the author’s work present and viable and part of the public conversation.”
Sarah Baxter, senior contracts advisor for The Society of Authors, says remaining relevant and visible has another big benefit too.
“That kind of partnership can go on to give a whole new lease of life to works that may have been written many, many years ago, and it can go on to generate a lot of income for a literary estate.”
Image: Le Carré – an enigma, even to his family, to the end. Pic: AP
‘An enigma’
More than 60 million copies of Le Carré’s books have been sold worldwide, with new adaptations likely to boost those sales further.
But Simon Cornwell says the investment in his father’s work is about more than just profits.
“We became very, very close as a family because he was very keen to be a proper dad and we were working with him and his material as well, so it was particularly towards the end of his life. It was a beautiful, thrilling thing.”
A master storyteller, the moral ambiguity of the fictional world he constructed reflected back on to its creator.
Simon says: “He remained an enigma. I think in some ways he was probably an enigma to himself…
“He was an extraordinary man to be close with, but do you ever understand somebody like that? Probably not.”
His work more widespread than ever, but the man himself – still a mystery.
The Spy Who Came In From The Cold is at @sohoplace in London’s West End to 21 February before embarking on a UK Tour.
John le Carré: Tradecraft is at the Bodleian Libraries at the University of Oxford until 6 April.
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