A former major sponsor of the Mercedes team has been sentenced to a lengthy prison term in the United States. The German racing team announced a major deal with FTX a few years ago, but after notable problems with that company, they tore up the contracts. CEO Sam Bankman-Fried now has to go to prison for a long time.
In 2021, Mercedes announced a major deal with cryptocurrency company FTX. The company’s logos were featured on the cars, team clothing and drivers’ overalls. There were also special promotions by the team and FTX, but when it became known at the end of 2022 that the company was going bankrupt and that CEO Sam Bankman-Fried had left, Mercedes quickly tore up the contracts.
As Mercedes removed the FTX stickers from the cars, it became clear that it was not pure coffee. Bankman-Fried was convicted of fraud and conspiracy to commit money laundering. It was even described as one of the largest financial frauds in history. In addition, it became clear that Mercedes and all other sports teams that collaborated with FTX were also charged. It is not known whether they will actually be punished. The court in Manhattan this week sentenced Bankman-Fried to 25 years in prison.
2024-03-30 10:13:59
#Mercedes #sponsor #sentenced #prison
