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Prosecutors asked a U.S. District Judge to jail Sam Bankman-Fried for 40-50 years following his conviction last November.&nbsp;&nbsp;
Federal prosecutors said in a Manhattan courthouse on March 15 that Sam Bankman-Fried <a href="https://www.reuters.com/legal/sam-bankman-fried-deserves-40-50-years-prison-ftx-fraud-prosecutors-say-2024-03-15/" target="_blank" rel="noopener noreferrer nofollow">gambled</a> with money rightfully belonging to Alameda and FTX customers, eventually stealing over $8 billion in cash and cryptocurrencies through his digital asset firms.
Lawyers for the government further argued that the FTX founder insists on his innocence despite being found <a href="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/" target="_blank" rel="noopener noreferrer nofollow">guilty</a> on seven counts of fraud and conspiracy by a jury last year.&nbsp;
You might also like: <a href="https://crypto.news/sam-bankman-fried-insider-claims-image-of-former-ftx-founder-in-jail-is-legit/" rel="noopener noreferrer nofollow"> Sam Bankman-Fried insider claims image of former FTX founder in jail is legit </a>
Last month, Bankman-Fried’s attorneys urged U.S. District Judge Lewis A. Kaplan to show leniency and sentence the fallen crypto tycoon to a maximum of six-and-a-half years in prison. His lawyers <a href="https://crypto.news/ftxs-bankman-fried-is-deeply-sorry-for-8b-fraud-pushes-for-shorter-sentence/" target="_blank" rel="noopener noreferrer nofollow">claimed</a> he never intended to defraud Alameda and FTX customers and investors during his tenure in charge.
Bankman-Fried plans to contend his conviction and sentencing in an appeal court, while Judge Kaplan is due to sentence the former FTX CEO in a federal court on March 28.
In related news, Bankman-Fried’s parents filed a motion to <a href="https://crypto.news/sam-bankman-frieds-parents-seeking-dismissal-of-ftx-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">dismiss</a> a lawsuit alleging the pair were involved in their son’s criminal enterprise, as Barbara Fried and Joseph Bankman deny any hand in the collapse of the crypto exchange FTX.&nbsp;
Read more: <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/" rel="noopener noreferrer nofollow"> FTX saga: what happened to FTX and Sam Bankman-Fried in 2023 </a>

DOJ: Sam Bankman-Fried merits a 40-to-50-year sentence

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