2024-3-16 23:24 |
Sam Bankman-Fried, the disgraced former CEO of collapsed crypto exchange FTX, deserves a jail term of not less than 40 years, US prosecutors said on Friday.
According to the sentencing memo the Department of Justice, Southern District of New York, filed on Friday, what Bankman-Fried needs is 40 to 50 years in prison.
The prosecution says the convicted ex-FTX chief, who was found guilty on all charges including fraud, harmed “thousands of everyday people.”
His greed and theft of billions of dollars from customers precipitated the implosion of what was then the world’s second largest crypto exchange by trade volume.
“The government urges the court to impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims; prevents the defendant from ever again committing fraud; and sends a powerful signal to others who might be tempted to engage in financial misconduct that the consequences will be severe,” the prosecution wrote.
Others like Bernie Madoff got 100+ yearsIn their argument for a longer sentence, the prosecutors highlighted other notable criminal cases where defendants were found guilty of fraud and other schemes of $100 million or more.
Top of the list is Bernie Madoff, who was 72 years old when he received a 150-year sentence for the loss of $13 billion.
“Bankman-Fried’s crimes were serious and long-running, causing billions of dollars in losses and significant harm to tens of thousands of victims financially and emotionally. The sheer enormity of the loss in this case, and the fact that the loss came in the form of stealing of victims’ money, puts Bankman-Fried in a category of defendants where sentences of forty years or more is appropriate,” reads part of the sentencing memo.
Other than the 40-50-year imprisonment, prosecutors also want an $11 billion “money judgment” and forfeiture of listed property.
Bankman-Fried has been in prison since August last year following the revocation of his bail due to witness tampering. Sentencing is scheduled for March 28, 2024.
The post Sam Bankman-Fried deserves 40-50 years in prison, prosecutors say appeared first on Invezz
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