Federal prosecutors are suggesting that Sam Bankman-Fried be sentenced to 40 to 50 years in prison.
Federal prosecutors have recommended a prison sentence of 40 to 50 years for Sam Bankman-Fried, the disgraced co-founder of bankrupt cryptocurrency exchange FTX. The recommendation was made in a sentencing memo submitted by the prosecutors on Friday.
According to the prosecutors, it is essential for justice to prevail by imposing a prison sentence that reflects the magnitude of the defendant’s crimes. In a 116-page document submitted to Judge Lewis A. Kaplan in U.S. District Court in Manhattan, they recommended a sentence befitting the extraordinary nature of the offenses.
Sam Bankman-Fried, the founder of FTX, was convicted of seven fraud charges in November and is set to be sentenced on March 28th. If found guilty, he could face a maximum penalty of up to 110 years.
In a recent submission, Bankman-Fried’s legal team contended that his sentence should not exceed 6 1/2 years, highlighting his autism spectrum disorder. They described Bankman-Fried as a complex individual, noting the influence of his “neurodiversity” on his perception. The submission also included letters of support from his parents and psychiatrist, among others.
According to Joseph Bankman and Barbara Fried, former professors at Stanford Law School, their son was not motivated by material wealth. Instead, he dedicated himself to repaying customers in the aftermath of FTX’s collapse in November 2022, prior to his arrest. The memo stated that Bankman-Fried is sincerely remorseful for the pain he caused during the past two years and that his sole priority after the collapse was to ensure that customers were fully compensated.
Bankman-Fried’s crypto empire has gained global attention with its rise and subsequent downfall. FTX, which was once featured in Super Bowl commercials and valued at over $30 billion, was overseen by the disgraced mogul. The exchange, based in the Bahamas, managed to attract prominent venture capitalists and celebrities. However, the empire crumbled amidst a larger cryptocurrency market collapse in 2022.
Bankman-Fried is currently in Brooklyn’s Metropolitan Detention Center, awaiting sentencing. In August, his bail was revoked by Kaplan and he was sent to MDC. This decision came after he leaked private writings from Caroline Ellison, his former girlfriend and former CEO of FTX’s trading firm, Alameda Research, to the New York Times.
