New York CNN —A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX.
In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture.
Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury.
It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion.
So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.
Persons:
Sam Bankman, Fried, SBF, ” Mitchell Epner, “, ”, District Judge Lewis Kaplan, Anthony Capozzolo, Elizabeth Holmes, Holmes, Ramesh “ Sunny ” Balwani, Bernard Madoff, Peter Katz, Katz, they’ll, ” Katz
Organizations:
New, New York CNN, CNN, Treasury, District, “, of, Department of Justice’s, Department of Justice, Department
Locations:
New York, Eastern, of New York