Will founder and former CEO of failed cryptocurrency exchange FTX, Sam Bankman-Fried, face up to 50 years in prison? That’s what US prosecutors want. They recommended to a federal judge that Sam Bankman-Fried be sentenced to 40 to 50 years in prison. The sentence would be for his conviction on fraud and conspiracy charges linked to the collapse of FTX.
The Justice Department’s Southern District of New York office on March 15 filed a sentencing memorandum in the case. The document highlighted that SBF “lied to investors”, shared false documents, in addition to injecting “millions of dollars in illegal donations into our political system”.
In arguing for punishment for Sam Bankman-Fried, the memo added that a 40- to 50-year sentence for him is “necessary,” along with a penalty of more than $11 billion and forfeiture. “Bankman-Fried deserves a severe sanction commensurate with his role in this historic fraud,” prosecutors said in the document.
“The government urges the court to impose a sentence that highlights the extremely serious nature of the harm suffered by thousands of victims; prevent the defendant from committing fraud again; and send a powerful signal to others who may be tempted to engage in financial misconduct that the consequences will be serious,” he highlighted.
It is worth remembering that, in November 2023, a jury in Manhattan sealed the fate of Sam Bankman-Fried, the founder of the once-powerful exchange FTX, declaring him guilty of fraud and conspiracy. The decision came after a month-long trial that captured the attention of global investors and regulators eager to understand the ramifications of this case for the digital currency sector.
The saga began with the meteoric rise of Bankman-Fried, known online as SBF, and his company, FTX, which has become synonymous with innovation in the crypto space. However, amazement quickly turned to disbelief when FTX collapsed, raising clouds of suspicion over SBF’s management practices.
Jurors found SBF guilty of seven felony counts, including defrauding customers and conspiring to violate campaign finance and money laundering laws. The prosecution’s thesis, which echoed throughout the trial, was that Bankman-Fried diverted client funds to his hedge fund, Alameda Research, in a scheme he devised to mask FTX’s true financial health.
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Source: https://portalcripto.com.br/promotores-dos-eua-querem-pena-de-40-a-50-anos-de-prisao-para-sam-bankman-fried/
