Reported by CNN, Federal prosecutors are calling for onetime crypto billionaire Sam Bankman-Fried to be sentenced to 40-50 years in prison for stealing billions of dollars from customers and defrauding investors in his now-bankrupt crypto exchange, FTX.
Bankman-Fried, who turned 32 this month, was convicted in November of stealing more than $8 billion and engaging his employees in a yearslong coverup, in what prosecutors have called one of the largest financial frauds in history.
His sentencing is scheduled for March 28.
“The enormous scale of the fraud at FTX is measured not just by the amount of money that was stolen,” prosecutors said in a filing in Manhattan federal court on Friday. “The fraud at FTX may also be measured in the number and types of victims, in the fraud’s geographic reach, and in the breadth and frequency of the unlawful and unethical acts.”
Lawyers for Bankman-Fried have urged Judge Lewis Kaplan to consider a far shorter prison sentence of no more than six-and-a-half years. In a court filing last month, they argued that Bankman-Fried is a nonviolent offender who was abetted by at least four other people, who pleaded guilty to the crimes.
Under federal sentencing guidelines, Bankman-Fried could face a maximum sentence of 110 years. He currently resides in a Brooklyn jail while awaiting sentencing.

Federal Prosecutors Suggest SBF to be Sentenced 40-50 Years in Prison

TokenInsight

Other articles published on Mar 20, 2024

XRP Sees 125% Increase in Trading Volume During Market Crash

🗒 Daily Newsletter | Wednesday, March 20th, 2024

Sam Bankman-Fried lawyers decry ‘medieval’ sentence proposal

Cryptocurrency Pepe's Price Increased More Than 13% Within 24 hours

Bitcoin Dogs Presale Ended, But BlockDAG Presale Bites Back With $5.9 Million

Filecoin chart flashes buy signal, suggests analyst

Join our free newsletter for daily crypto updates!