Prosecutors are seeking a 40–50 year prison sentence for Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX and a convicted fraudster. He could potentially face up to 110 years behind bars.
On March 15, prosecutors submitted a 116-page sentencing memorandum to Judge Lewis Kaplan, providing a detailed account of Bankman-Fried’s activities. The memorandum focuses on five key points, including his illegal political contributions, attempted bribery of Chinese government officials, banking misconduct, efforts to deflect blame, and various obstructions of justice.
It is important to note that Bankman-Fried was not charged with illegal political contributions or bribing Chinese officials, as the government of the Bahamas did not extradite him on those charges. However, the memorandum argues that his sentence should be enhanced due to the severity of his crimes. It repeatedly compares Bankman-Fried to Bernie Madoff and other financial criminals, and includes accounts from victims detailing the turmoil caused by the collapse of FTX.
In November 2023, Bankman-Fried was found guilty on seven charges, including wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy. His legal counsel requested a maximum sentence of six and a half years, and he pleaded not guilty to all charges.
The prosecutors argue that a 40–50 year sentence would allow Bankman-Fried to return to society only after ensuring that he will not engage in fraud and deceit again. They also seek an $11 billion judgment against him.
It is important to note that Judge Kaplan is not obligated to follow the government’s recommendations in the memorandum. The sentencing is scheduled for March 28.
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