- Bankman-Fried was found guilty of seven fraud and conspiracy offenses.
- Prosecutors emphasized his lack of remorse for his crimes, indicating a disregard for the impact on his victims.
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, may face 40 to 50 years in prison as federal prosecutors argue he orchestrated a massive financial fraud. The prosecutors are pushing for a longer prison sentence for Bankman-Fried following his conviction for fraud in the collapse of the crypto exchange.
The 32-year-old MIT graduate was handed a severe judgment after orchestrating what prosecutors describe as one of the largest financial frauds in history, victimizing tens of thousands of individuals.
In a memo filed on Friday, the prosecutors mentioned: “Although it is unlikely (but not impossible) that the defendant will work in finance again, and will likely forfeit all of his ill-gotten gains, justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes. For these reasons, the legitimate purposes of punishment require a sentence of 40 to 50 years’ imprisonment.”
See Related: FTX’s Former CEO Sam Bankman-Fried To Skip Second Trial
Bankman-Fried Facing the Fallout
Bankman-Fried’s conviction resulted from a trial last year, where he was found guilty of seven fraud and conspiracy offenses. Prosecutors argue that he not only stole billions of dollars from customers but also deceived investors and lenders before the implosion of FTX.
Additionally, the prosecutors emphasized Bankman-Fried’s refusal to show remorse for his crimes, suggesting a disregard for the impact of his actions on countless individuals. The severity of the proposed sentence reflects the magnitude of the financial loss incurred by customers and lenders, a key factor in federal sentencing guidelines for white-collar crimes.
The sentencing, scheduled for March 28, will be a critical moment in Bankman-Fried’s legal saga. Bankman-Fried’s defense team has argued for a much shorter sentence, citing his autism and vulnerability in prison as mitigating factors.
