Prosecutors are pushing for a harsh prison sentence of 40 to 50 years and an $11 billion judgment against Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX. This recommendation comes after Bankman-Fried was convicted on multiple fraud charges, with a potential maximum sentence of 110 years.
Bankman-Fried’s fraudulent activities, detailed in a memorandum to Judge Lewis Kaplan, include unlawful political contributions, attempts to bribe government officials in China, banking misconduct, and evasion of responsibility following FTX’s collapse. Prosecutors argue for a lengthy sentence to prevent future criminal behavior.
While the final decision lies with Judge Kaplan, who is expected to rule on March 28, Bankman-Fried’s legal team has pleaded for a reduced sentence of 63 to 78 months, citing his status as a first-time, non-violent offender.
The case has garnered significant attention due to the magnitude of the charges and the potential impact on the crypto industry. Stay tuned for updates as the sentencing date approaches.
