Sam Bankman-Fried Deserves 40-50 Years In Prison: Prosecutors Say

Sam Bankman-Fried deserves 40-50 years in jail for “orchestrating one of many largest monetary frauds in historical past, and what’s probably the biggest fraud within the final decade.” Federal prosecutors in New York on Friday made recognized they need this extreme of a sentence for SBF. Prosecutors cite the “huge scale of the fraud,” of their sentencing submission.

Sam Bankman-Fried, or SBF, the founding father of the now-defunct crypto alternate FTX, was convicted of fraud in November 2023. The autumn of SBF’s FTX is likely one of the greatest monetary frauds in latest historical past.

Greater than $8 billion of buyer cash was misappropriated, which “places this crime in a category of circumstances that may be counted on one hand,” prosecutors mentioned. Moreover, the prosecution provides that Bankman-Fried “victimized tens of hundreds of individuals and corporations, throughout a number of continents, over a interval of a number of years. He stole cash from prospects who entrusted it to him; he lied to traders; he despatched fabricated paperwork to lenders; he pumped hundreds of thousands of {dollars} in unlawful donations into our political system; and he bribed international officers.”

Sam Bankman-Fried Receives His Sentence This Month

Sam Bankman-Fried’s protection has been working tirelessly to decrease the founder’s sentence. They argue that Bankman-Fried is “deeply, deeply sorry” for his actions in opposition to FTX victims. The protection additionally mentioned a decades-long sentence “would finish Sam’s capability to steer a significant life and contribute to the neediest in society.”

Nevertheless, the prosecution isn’t letting up. “With all the benefits conferred by a cushty upbringing, an MIT training, a prestigious begin to his profession in finance, and a worthy thought for a startup enterprise, Bankman-Fried may have pursued the rewarding, productive, and altruistic life he has sketched out in his sentencing submission,” the opposition mentioned. “As an alternative, his life lately has been considered one of unmatched greed and hubris; of ambition and rationalization; and courting threat and playing repeatedly with different folks’s cash.”

SBF’s sentencing will happen on Mar. 28, 2024.