Prosecutors are recommending that disgraced FTX founder Sam Bankman-Fried spend decades behind bars and pay a staggering $11 billion fine.
In a new court filing, prosecutors in the case say that while the guidelines recommend a prison sentence of up to 100 years — which is effectively a life sentence for the 32-year-old former CEO — they will only argue for a sentence. instead, a prison sentence of 40 to 50 years.
“The government urges the Court to impose a sentence that underlines the remarkably serious nature of the harm to thousands of victims; prevents the defendant from ever committing fraud again; and sends a strong message to others who might be tempted into financial misconduct that the consequences will be serious.
To achieve such ends a prison sentence of 40 to 50 years is necessary.”
In addition, prosecutors say Bankman-Fried should be ordered to pay a fine of more than $11 billion, an amount they describe as a conservative amount.
“Upon sentencing, the Court should impose a monetary judgment in the amount of $11,020,000,000, together with forfeiture of defendant’s interest in the specific property set forth in the preliminary forfeiture order filed as an exhibit to this memorandum.
Such monetary judgment represents the appropriate remedy for forfeiture, both on the facts and under the law; it is indeed a very conservative amount.”
Bankman-Fried was found guilty late last year of defrauding investors and mishandling billions of dollars in customer funds in connection with the multibillion-dollar collapse of crypto exchange FTX in November 2022.
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Featured image: Shutterstock/Jacob_09