Prosecutors are asking for a sentence of 40–50 years for the former CEO of bankrupt cryptocurrency exchange FTX and convicted fraudster Sam Bankman-Fried. He faces up to 110 years behind bars.
The 116-page government sentencing memorandum, submitted to Judge Lewis Kaplan on March 15, <a href="https://www.courtlistener.com/docket/66631291/410/united-states-v-bankman-fried/" target="_blank" rel="noopener nofollow">recounts</a> Bankman-Fried’s activities in detail, focusing on five points: Bankman-Fried’s scheme to make illegal political contributions, his attempt to bribe Chinese government officials, his banking misconduct, his attempts to deflect blame and various obstructions of justice. 
Bankman-Fried was not charged with illegal political contributions because the government of the Bahamas did not extradite him on that charge. Nor was he charged with bribing Chinese officials. The memorandum also stated:
<blockquote data-ct-non-breakable="true">
 “The defendant has failed to take genuine responsibility for his role in the collapse of FTX and the loss of customer funds.” 
</blockquote>
Bankman-Fried’s sentence should be subject to several enhancements due to the severity of his crimes, the document continued. It repeatedly compared Bankman-Fried to Bernie Madoff, the New York financier who ran the largest known Ponzi scheme in history, as well as other financial criminals. It also included four pages of accounts by victims of Bankman-Fried’s fraud of the turmoil caused by the losses the collapse of FTX caused them.
Related: <a href="https://cointelegraph.com/news/sam-bankman-fried-family-character-references-sentencing-prison">Sam Bankman-Fried’s brother: ‘His life would be wasted in prison’</a>
On Nov. 2, 2023, Bankman-Fried <a href="https://cointelegraph.com/news/ftx-founder-sam-bankman-fried-found-guilty-on-all-charges">was found guilty of seven charges</a>: two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. His legal counsel <a href="https://cointelegraph.com/news/sbf-6-5-year-sentence-guards-invest-solana">asked the court for a maximum sentence</a> of six and a half years. He <a href="https://cointelegraph.com/news/ftx-s-sam-bankman-fried-pleads-not-guilty-to-fraud-charges-report">had pleaded not guilty</a> to all the charges. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/085d9c66-02d1-4e13-b31b-f05508e3f8e2.png" alt="" title="">
 <figcaption style="text-align: center;">
 Conclusion of the government’s sentencing memorandum for Bankman-Fried. Source: CourtListener
 </figcaption>
</figure>
A sentence of 40–50 years “will permit the defendant to return to liberty after society can be assured that he will not have the opportunity to turn back to fraud and deceit” but still “reflect the seriousness of the defendant’s crimes,” the prosecutors said. They also ask for an $11 billion judgment against him.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7f4bb929-f633-4e6d-98af-0c8994c12cb4.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Billy Binion on X
 </figcaption>
</figure>
Kaplan is not required to adhere to the government’s recommendations in the memorandum. Sentencing is set for March 28.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-substance-abuse-traders-trading/">This is your brain on crypto: Substance abuse grows among crypto traders</a>

Prosecutors want $11B judgment, 40–50 years in prison for Sam Bankman-Fried

Cointelegraph

Other articles published on Mar 15, 2024

Dogecoin market shaken as whales dumps 86 million DOGE

Prosecutors Demand 50-Year Jail Sentence for SBF

Discover How GPTs Revolutionize Task Automation

Pepe Price Prediction: PEPE Plunges 14% As Experts Say Consider This 2.0 Meme Coin For 100X Gains

Aptos taps Google Cloud to boost web3 gaming experience

Solana (SOL) Kian Bersinar saat Bitcoin Tersungkur, Jatuh di Bawah US$70.000

Join our free newsletter for daily crypto updates!