Bankman-Fried Ordered to Pay $11 Billion Forfeiture Judgment

Samuel Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was convicted of conspiracies to commit wire fraud, securities fraud, and money laundering and was sentenced to 25 years in prison.  In addition, the court imposed an $11 billion forfeiture money judgment and forfeited a long list of specific assets that the court found to be the proceeds of the fraud offenses and property involved in the money laundering conspiracy.

The specific assets included the proceeds of the sale of 55 million shares of Robinhood Markets, Inc., which yielded $605 million in an interlocutory sale, $164 million in bank deposits, two airplanes, and a detailed list of 443 political contributions made by the defendant and his co-conspirators to named candidates for public office and political organizations.  The forfeiture order was silent as to how the Government might go about recovering the political contributions.

The value of the specific assets, once they are liquidated (potentially $1 billion) will be credited toward the forfeiture money judgment, leaving the defendant personally liable for the remaining balance.

Bankman-Fried Order of Forfeiture

Bankman-Fried List of Specific Assets