Prosecutors Want 40 to 50 Year Prison Sentence for Convicted Fraudster Sam Bankman-Fried

2024-03-16 09:00:56

Former FTX CEO Sam Bankman-Fried was found guilty on all charges back in November. The size and scope of his financial crimes is mind-blowing.

Unfortunately for him, the prosecutors in this case did not come to play. They want him to do serious prison time.

The FOX Business Network reports:

Prosecutors want a 40- to 50-year prison sentence for Sam Bankman-Fried

Sam Bankman-Fried should spend 40 to 50 years in prison after being convicted of stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said Friday.

The FTX founder was found guilty on all charges in November related to the collapse of his cryptocurrency exchange in the first of two criminal trials against the former CEO.

A jury in a Manhattan federal court agreed with prosecutors that Bankman-Fried defrauded investors, customers and lenders during the collapse of his crypto empire.

“Even now, Bankman-Fried refuses to admit what he did was wrong,” prosecutors wrote in a sentencing memorandum. “His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money.”

A spokesman for the former billionaire, Mark Botnick, declined to comment. Bankman-Fried’s lawyers told U.S. District Judge Lewis Kaplan a 5¼- to 6½-year prison term would be appropriate. They said FTX clients would get most of their money back and that Bankman-Fried did not set out to steal.

While 50 years seems like a long sentence, prosecutors originally recommended 100 years.

CBS News reports:

Two weeks ago, Bankman-Fried’s lawyers attacked a probation office recommendation that their client serve 100 years in prison, saying a sentence of that length would be “grotesque” and “barbaric.”

They urged the judge to sentence Bankman-Fried to just a few years behind bars after calculating federal sentencing guidelines to recommend a term of five to 6 1/2 years in prison.

They cited their client’s medical conditions, which include autism, as well as his goals to improve the world through his now-defunct crypto exchange, according to the Wall Street Journal.

Sentencing is set to take place at the end of this month.


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Prosecutors Want 40 to 50 Year Prison Sentence for Convicted Fraudster Sam Bankman-Fried


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