Sam Bankman-Fried, director of the FTX company that previously sponsored the Mercedes team, has just been severely punished.
Mercedes entered into a partnership with cryptocurrency company FTX in 2021 but this union ended before the 2022 Brazilian Grand Prix.
By then the company had gone bankrupt and now Bankmann-Fried has been sentenced to 25 years in prison for fraudulent activities.
Bankman-Fried was convicted in November of seven counts of conspiracy to commit fraud and money laundering, and was also found responsible for causing his clients to lose an estimated $10 billion, with his sentence now upheld in Manhattan federal court.
Bankham-Fried was also ordered to forfeit $11 billion in United States government assets.
Sentencing, Judge Louis Kaplan said: “There is a danger that this man may do much worse in the future. And this is not an insignificant risk at all.”while adding that Bankmann-Fried never showed the slightest remorse for his misdeeds.
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