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Crypto Mogul Sam Bankman-Fried Receives 25-Year Prison Sentence from US Court
Sam Bankman-Fried, a well-known American businessman and cryptocurrency king, was found guilty of scamming customers of the now-defunct cryptocurrency exchange FTX and was sentenced to 25 years in jail.
Judge Lewis Kaplan of a US District Court located in lower Manhattan described the defense’s case as speculative, illogical, and deceptive.
In putting up his defense, Bankman-Fried allegedly impeded justice and tampered with witnesses, two things Kaplan claimed he took into consideration when determining Bankman-Fried’s sentence.
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Following a two-hour hearing, Justice Lewis Kaplan stated that Bankman-Fried was aware of the illegal nature of his actions and expressed regret for taking a chance on the possibility of being discovered.
Donning a beige jailhouse uniform, Bankman-Fried expressed regret, stating that he had made several “selfish” choices as FTX’s leader and “threw it all away.”
In a statement, he added, “It haunts me every day.” “I made a great deal of mistakes,”
Nonetheless, Bankman-Fried informed the court that FTX had the capacity to reimburse clients in the event of its failure.
Prosecutors said that Bankman-Fried committed “one of the biggest financial frauds” in US history, stealing almost $10 billion (£7.9 billion) from gullible clients.
Before going bankrupt in 2022, FTX was valued at $32 billion, and SBF had built a public image that attracted powerful figures in politics, business, and the entertainment industry.
While Bankman-Fried’s legal team argued for no more than six and a half years, prosecutors had sought as much as fifty years.
He was detained at the Brooklyn Metropolitan Detention Center after being found guilty on seven felony counts in November.
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Kenyan Schools Postpones Resumption Due to Flooding
Kenya declared on Monday that it would postpone the resumption of schools by a week because of the ongoing heavy rains that have caused severe flooding in the country of East Africa.
The education ministry decided to postpone the commencement of classes because the intense monsoon rains had damaged numerous school buildings. Originally, classes were supposed to resume on Monday after the midterm breaks.
The destructive impacts of the rains in some of the schools, according to Education Minister Ezekiel Machogu, are so severe that it would be foolish to risk the lives of students and staff before watertight safeguards are put in place to provide proper safety.
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“Based on this assessment, the Ministry of Education has resolved to postpone the reopening of all primary and secondary schools by one week, to Monday, May 6, 2024,” Machogu said in a statement.
76 people have been reportedly dead in Kenya since March as a result of the El Nino weather trend and heavier-than-normal rains that have slammed East Africa.
According to government data issued on Saturday, flash floods have swamped roads and neighborhoods, resulting in the relocation of over 130,000 individuals and over 24,000 families, many of whom are in Nairobi, the country’s capital.
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House of Reps Extend Support to Port Harcourt Tanker Blast Victims
The victims of the tanker explosion on Eleme Road in Port Harcourt, Rivers State, last week have received the sympathies of the House of Representatives’ Rivers delegation.
This is what Representative Dumnamene Dekor (PDP-Rivers), the caucus leader, said in a statement on Monday.
The parliamentarians expressed their sorrow for the destruction the fire had caused.
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“As true representatives of our people, we express deepest condolences to the families and loved ones of those affected by the tragic inferno.
“Our heart aches for the lives lost and the profound grief that now engulfs our dear Rivers.
“This tragic fire incident should rightly shake our people to their cores, considering the magnitude of losses; and we stand in solidarity with those who are mourning the loss of their loved ones.
“Our thoughts and prayers are with each and every individual impacted by this tragedy,” he said.
Dekor called on philanthropists and other Nigerians to lend a helping hand to those affected by providing whatever assistance is possible to them.
The lawmaker urged Nigerians to use the moment to reflect on the importance of safety measures and prevention strategies to avoid such tragedies in the future.
Recall that a few days ago, four people and more than seventy vehicles were reported to have been destroyed in Friday’s fuel tanker explosion in the state, according to the Rivers Police Command.
Read also: Gospel Singer Morenikeji ‘Egbin Orun’ is dead
Around 7:30 p.m., an explosion happened along the Eleme stretch of the East-West Road in the state.
The tragedy happened as a result of a collision between a heavy-duty truck and a tanker carrying gasoline, according to Grace Iringe-Koko, the command’s spokesperson, who talked with the News Agency of Nigeria (NAN) in Port Harcourt on Saturday.
There were several burned-out cars and burned victim corpses on the road, according to a NAN correspondent who was on the scene.
The event took place approximately 10 kilometers from the Port Harcourt Refinery and a few meters from the Indorama Petrochemical Company.
Other News
Gospel Singer Morenikeji ‘Egbin Orun’ is dead
Egbin Orun, a well-known gospel singer, was also known as Morenikeji Adeleke. She passed away.
This was verified by her colleague Esther Igbekele on Sunday in an Instagram post.
Igbekele said, “Egbin Orun departed suddenly without bidding farewell,” expressing astonishment and sadness.
Igbekele claims that they had just spoken, without realizing the horror that was about to happen.
She praised Egbin Orun for her kindness, beauty, and unwavering support of her ministry.
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“I got home from my program to hear about this great loss. Prophetess Morenikeji Egbin Orun you left without saying goodbye..
“We spoke together last week not knowing you are about to embark on a journey to the great beyond. You are such a beautiful and kind-hearted woman and a very good supporter of my ministry.
“I am deeply saddened by your demise but God knows best. You will be greatly missed and your good deeds will continue to linger in our hearts.
“Ah Egbin Orun. Good night! Keep resting in the bosom of Christ. Ah Gone too soon..Yeeee.”
Her cause of death is still unknown as of the time this report was originally published, and no formal statement has been released.
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