Prosecutors are of the opinion that Sam Bankman-Fried (SBF), the former CEO of FTX Derivatives Exchange deserves to spend as much as 40-50 years in prison.

Sam Bankman-Fried Found Guilty

After pleading not guilty in a United States court, testimonies obtained in the weeks-long trial from a number of his associates ended up pinning Bankman-Fried to the eight charges that were levied against him. He was found guilty of seven charges as declared by Damian Williams, U.S. attorney for the Southern District of New York. Thereafter, Judge Lewis Kaplan scheduled his sentencing date for March 2024.

With the magnitude of the charges including fraud and money laundering, some observers believed that the embattled FTX founder could bag as much as 115 years in jail. In a funny twist, SBF’s legal representatives requested that their client should face a maximum sentence of 6.5 years or less in prison. Their proposal was sent to Judge Kaplan in a detailed 98-page memo prior to his sentencing scheduled for March 28.

To give them an edge, Bankman-Fried’s legal team assured the judge that affected customers of the now-bankrupt crypto exchange will get most of their money back. One federal judge even took into account SBF’s charitable works and pushed out a memo suggesting that a sentence returning Sam promptly to a productive role in society would align with the purposes of sentencing while ensuring it is not greater than necessary.

Leniency Plea for SBF

The former FTX CEO’s sentencing is two weeks away and prosecutors think he deserves more than what his lawyers are asking for. For these attorneys, not admitting to the criminal act he committed, is irking.

“His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money,” the federal prosecutors in Manhattan wrote.

Many other entities share varying ideas on prosecutors’ stance on SBF’s sentencing. A few weeks ago, his friends and family sent a letter to Judge Kaplan asking for a leniency plea for Sam Bankman-Fried. Almost at the same time, the Judge received another letter asking him to deny the request. 

The letter was from a member of the CBOE for a market maker firm.

The post Sam Bankman-Fried Deserves 40-50 Years Jail Time: Prosecutors appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am