From Vijay Mallya To Sam Bankman Fried: Rich Businessmen Who Have Faced Jail Sentence
Once called crypto robinhood and crypto king, FTX¡¯s former CEO Sam Bankman Fried was recently sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt cryptocurrency firm. But the crypto billionaire is neither the first nor the only one to face this.
Here¡¯s a list of billionaire businessmen who had gone to jail or are currently serving prison sentences.
Billionaires Behind Bars: Rich Businessmen Who Have Gone To Jail
Rana Kapoor
Time behind bars:3 years, 9 months and 13 days
Vijay Mallya
Time behind bars:4 months
Mehul Choksi
Time behind bars: 51 days
Allen Stanford
Time behind bars: 110-year sentence
Mikhail Khodorkovsky and Platon Lebedev
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Time behind bars: 10 years
Raj Rajaratnam
Time behind bars: 7.5 years
Joaqu¨ªn Guzm¨¢n Loera (aka El Chapo)
Time behind bars: Life sentence
John Kapoor
Time behind bars:2 years
Thomas Kwok
Time behind bars:5 years
Michael Milken
Time behind bars:2 years
Jay Y. Lee
Time behind bars:18 months
Elizabeth Holmes
Time behind bars:9 years
S. Curtis Johnson
Time behind bars:3 months
Singh Brothers
Time behind bars: 6 months
Why Crypto King SFB Has Been Jailed For 25 Years?
Sam Bankman-Fried, a co-founder of the defunct cryptocurrency exchange FTX, was found guilty of defrauding investors and customers of his now-bankrupt company and received a 25-year prison sentence.
The decision solidifies the former billionaire's demise. Prior to his company's catastrophic collapse in 2022, he had become a well-known advocate for cryptocurrencies.?It was discovered that, prior to the failure, he had stolen billions from customers. Attorneys for Bankman-Fried will file an appeal to overturn his conviction, as per BBC report.
Before it collapsed and went bankrupt, FTX was among the biggest cryptocurrency exchanges in the world, making Bankman-Fried a household name in the business world and drawing millions of users who bought and traded cryptocurrencies on the platform.Judge Lewis Kaplan harshly criticized Bankman-Fried's actions prior to imposing the sentence on March 28, 2024. During his testimony at trial, Bankman-Fried claimed he was unaware until the very last moment that his companies were taking money that customers had entrusted to them for safekeeping and using it for other purposes.
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