Mike Novogratz Says Sam Bankman-Fried Should Go To Jail

Galaxy Digital CEO Mike Novogratz recently told CNBC that former FTX CEO Sam Bankman-Fried needed to be locked up in jail.

The comments came a day after Bankman-Fried spoke at the New York Times’ DealBook Summit, where he tried to deny having any knowledge of what was happening in his crypto empire. 

Novogratz claimed that Bankman-Fried is “just spewing more lies” after watching the former FTX CEO’s live interview with the New York Times on Wednesday.

Novogratz told financial writer Andrew Ross Sorkin on CNBC:

“It was delusional; let’s be really clear. Sam is delusional about what happened and his culpability in it.”

He added:

“We can all be like dime-store psychiatrists, right? There’s a lot of narcissism there. There’s a lot of grandiosity…He needs to be prosecuted. He will spend time in jail.”

During an extended interview with Sorkin at the DealBook Summit event on Wednesday, the disgraced co-founder spoke out about his company’s headline-grabbing demise.

The implications of the FTX crash, according to Novogratz, would extend beyond crypto to all markets in general. He also stated that he does not believe Bankman-Fried acted alone.

“You don’t pull this off with one person. I’m not saying he even planned this all like a criminal mastermind. What they did was criminal and they need to be prosecuted for it.”

During the hour-long live interview, Bankman-Fried denied diverting FTX clients’ funds to trading company Alameda on purpose.

Sorkin again addressed the elephant in the room, asking Bankman-Fried whether he was worried about going to jail. The FTX co-founder believes he is not personally liable for any illegal activity and is presently working on other matters.

Novogratz’s comments come as the recent collapse of FTX, once the third-largest cryptocurrency exchange in the world, has eroded user trust in centralized crypto platforms. Early investigations into FTX and its disgraced founder Sam Bankman-Fried shows that there were unparalleled fraud and deception going on at the exchange.

Find out more information about Sam Bankman-fried Trial Live at Coincu.

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