Former Mercedes Formula 1 sponsor and FTX CEO Sam Bankman-Fried has been sentenced to 25 years in prison for fraud and money laundering, according to recent reports. The partnership between Mercedes and FTX came to an end before the 2022 Brazilian Grand Prix, with FTX filing for bankruptcy at that time.
Bankman-Fried was convicted on seven counts of fraud and conspiracy to launder money, resulting in the loss of approximately $10 billion in customer funds. He has also been ordered to forfeit $11 billion in assets to the United States government. During the sentencing, Judge Lewis Kaplan expressed concerns about Bankman-Fried potentially committing more crimes in the future and noted his lack of remorse for his actions.
Following the revelations, Mercedes took swift action and suspended their partnership with FTX, removing their branding from the race car and other assets. Despite their efforts, Mercedes has not been able to secure another victory since the 2022 Brazilian Grand Prix. Red Bull has been dominating the races, with Ferrari’s Carlos Sainz being the only non-Red Bull winner since 2022.
The 2022 Brazilian Grand Prix marked the last victory for Mercedes, with George Russell and Lewis Hamilton securing a 1-2 finish. Since then, the team’s performance has struggled, and their suspension of the partnership with FTX has left a void in their branding and financial support. As the season continues, Mercedes will need to regroup and find new avenues for success on the track.
