FTX’s Sam Bankman-Fried Should Receive A 50-Year Jail Sentence: Prosecutors

The prosecutors within the fraud case in opposition to the previous CEO of the now-defunct FTX alternate, Sam Bankman-Fried (SBF), have now advised a jail sentence to the court docket. This improvement comes because the sentencing of the previous crypto billionaire is slated for later this month.

Prosecutors Says Sam Bankman-Fried Deserves 50 Years In Jail

In response to a memorandum submitted on Friday, March 15, to Decide Lewis Kaplan, the prosecutors are proposing a sentence of between 40 to 50 years for Bankman-Fried.  The FTX founder faces as much as 100 years in jail after he was discovered responsible of all of the seven fraud prices leveled in opposition to him. 

The legal professionals talked about that SBF masterminded one of many largest fraudulent schemes lately, repeatedly evaluating his actions to these of Bernie Madoff. Madoff was an American financier who allegedly ran the biggest identified Ponzi scheme in historical past, value an estimated $65 billion.

Contemplating the magnitude and length of Sam Bankman-Fried’s monetary misdeeds, the prosecutors consider a sentence of 40 to 50 years is “sufficiently extreme” to discourage others from committing such crimes. “And that can allow the defendant to return to liberty solely after society may be assured that he is not going to have the chance to show again to fraud and deceit,” they added.

The federal government’s attorneys additionally emphasised within the 116-page court docket doc how remorseless the previous FTX boss has been about his fraudulent actions. “Even now Bankman-Fried refuses to confess what he did fallacious,” part of the memorandum learn.

Apparently, Sam Bankman-Fried’s authorized counsel proposed to the court docket that the defendant get a sentence between 5 years and 6 and a half years. In response to the legal professionals, the aim of a jail time period in SBF’s case needs to be rehabilitation and never punishment.

One other Trade In The Works?

The prosecutors revealed to the court docket of their sentencing memorandum that Sam Bankman-Fried may launch a brand new cryptocurrency alternate, saying he had weighed beginning an alternate referred to as “Archangel LTD.”

In response to the legal professionals, the previous FTX CEO additionally thought of totally different choices to launder his picture. Amongst the cited choices have been media and PR stunts, like “give attention to the truth that the Chapter 11 crew has no concept the way to run FTX,” push a “professional crypto, professional freedom” agenda, or “go on Tucker Carlsen.”

In the end, the prosecutors concluded that Sam Bankman-Fried is deserving of a “extreme sanction, proportionate to his position on this historic fraud.” A sentence of 40 to 50 years is believed to be the precise excellent judgment on this case.

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