Prosecutors Recommend 40-50 Year Prison Sentence for Former FTX CEO Sam Bankman-Fried
American prosecutors have recently argued for former FTX cryptocurrency exchange CEO Sam Bankman-Fried to be sentenced to a prison term ranging from 40 to 50 years. This recommendation follows his conviction last November on several charges of fraud and conspiracy related to the collapse of FTX.
The Southern District of New York’s Office of the Prosecutor emphasized the need for a substantial sentence, highlighting the severity of the harm caused to thousands of victims and the importance of sending a strong message to anyone tempted to engage in similar wrongdoing.
A Historic Reparation Amount
In addition to the prison sentence, prosecutors have also suggested fines and confiscations exceeding $11 billion, describing this figure as a ‘particularly conservative sum.’ They highlighted government efforts to recover part of Sam Bankman-Fried’s funds, including targeting political contributions made by him and other FTX executives during US elections, which are considered ‘the largest campaign finance violation ever recorded.’
Revealing Compromising Revelations
The sentencing memorandum also details various other allegations against SBF, including bribing foreign officials and massive credit abuse through FTX, revealed by key testimonies from his former inner circle. These actions contributed to the dramatic collapse of FTX and Alameda Research, highlighting a blatant disregard for the law and an misplaced sense of superiority.
A Contested Defense
In the face of these serious charges, SBF’s defense team has argued for a much more lenient sentence of 6 years, a proposition that prosecutors have deemed ‘absolutely inadequate.’ Their arguments against the possibility of major creditor reimbursement by Sam Bankman-Fried have been particularly criticized, with prosecutors asserting that his efforts did not help and were often counterproductive.
