Prosecutors are asking the decide to condemn Sam Bankman-Fried to 40-50 years in jail for the FTX rip-off.
Sam Bankman-Fried, founding father of the bankrupt FTX cryptocurrency alternate, might face 40 to 50 years in jail, in keeping with federal prosecutors. The costs come after Bankman-Fried was discovered responsible of stealing $8 billion from shoppers.
“His life in recent times has been one among unparalleled greed and vanity; ambition and rationalization; risk-taking and repeated playing with different individuals’s cash,” prosecutors stated in an announcement. “Even now, Bankman-Fried refuses to confess that what he did was incorrect.”
A jury in November discovered Bankman-Fried responsible of seven counts of fraud and conspiracy. Regardless of the severity of the costs, the previous billionaire’s legal professionals argue {that a} jail sentence of 5.5 to six.5 years can be extra acceptable.
They declare that a lot of the stolen funds can be returned to FTX clients and that Bankman-Fried didn’t got down to steal. U.S. District Decide Lewis Kaplan is scheduled to condemn Bankman-Fried in Manhattan federal courtroom on March 28. Bankman-Fried plans to enchantment each her conviction and sentence.
*This isn’t funding recommendation.