BusinessDoJ Pushes for 50-Year Sentence for Sam Bankman-Fried

DoJ Pushes for 50-Year Sentence for Sam Bankman-Fried

By Mark Hunter

2 hours agoMon Mar 18 2024 08:25:53

DoJ-Wants-50-Year-Sentence-for-Sam-Bankman-Fried

Reading Time: 2 minutes

  • Federal prosecutors have recommended a 40 to 50-year prison sentence for Sam Bankman-Fried
  • Citing the “extraordinary scale” of his crimes, prosecutors push for a severe penalty
  • Convicted of seven fraud charges in November, Bankman-Fried faces a maximum of 110 years in prison

Federal prosecutors are pushing for Judge Lewis Kaplan to sentence Sam Bankman-Fried to 40 to 50 years in prison, highlighting the “extraordinary scale” of his crimes. The call for such a severe penalty was made in a sentencing memo released recently, just ahead of Bankman-Fried’s sentencing date. Last November, the FTX co-founder was convicted of seven fraud charges, potentially facing a maximum of 110 years in prison.

Bankman-Fried Convicted of Seven Charges

In November, Bankman-Fried was found guilty of defrauding customers of billions of dollars through seven charges including wire fraud and conspiracy to launder money. These charges came to light following the collapse of the FTX exchange in November 2022.

In a 116-page document submitted to Judge Kaplan at the US District Court in Manhattan, prosecutors stressed the need for a prison term that matches the scale of Bankman-Fried’s crimes. While Bankman-Fried’s legal team argued for a much shorter sentence, citing his autism spectrum disorder as a mitigating factor, the prosecution emphasized the importance of justice being served.

FTX Co-founder’s Apology

Accompanying the plea from Bankman-Fried’s lawyers were letters of support from his parents and psychiatrist. His parents testified that he was focused on refunding customers after FTX’s collapse and expressed remorse for his actions. Bankman-Fried himself expressed profound regret for the harm caused and pledged to make amends for the losses suffered by customers.

Now awaiting his fate, Bankman-Fried faces the possibility of spending a significant portion of his life behind bars if the prosecution’s recommendations are upheld.

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