Sam Bankman-Fried to be sentenced in Manhattan federal court docket, faces over 100 years in jail
Sam Bankman-Fried, as soon as the CEO of FTX and a billionaire wunderkind of the cryptocurrency world, will likely be sentenced to jail Thursday morning in New York Metropolis. He was convicted on seven counts of wire fraud and conspiracy to launder cash in November.
Ought to the choose in his case impose the harshest penalty allowed, the 32-year-old would face greater than 100 years and die an incarcerated man, a chance his lawyer has referred to as “grotesque”.
Prematurely of the listening to, legal professionals for the US Division of Justice and for Bankman-Fried have engaged in bitter back-and-forth over how lengthy of a jail sentence could be applicable. His legal professionals have argued for a minimal sentence of simply six years. Prosecutors are advocating for 40-50 years for his “unmatched greed and hubris” in perpetrating the $8bn (£6.3bn) fraud.
Sam Bankman-Fried deserves 40 to 50 years for FTX fraud, prosecutors say.
Key occasions
Sam Bankman-Fried requested a six-year sentence
Sam Bankman-Fried’s lawyer mentioned in late February that the recommended 100-year jail sentence for the FTX founder could be “grotesque” and “barbaric” and at most a time period of some years behind bars could be applicable for crimes that the disgraced cryptocurrency mogul nonetheless disputes.
In pre-sentencing arguments filed simply minutes earlier than deadline in Manhattan federal court docket, legal professional Marc Mukasey mentioned a report by probation officers improperly calculated federal sentencing tips to advocate a sentence simply 10 years in need of the utmost potential 110-year sentence. Bankman-Fried, recognized for his informal clothes and wild hair, was convicted of seven counts of wire fraud and conspiracy to launder cash in November 2023.
A correct sentence, Mukasey mentioned, could be primarily based on tips that may name for between 5 and 6 and a half years in jail, at most.
“Sam is just not the ‘evil genius’ depicted within the media or the grasping villain described at trial,” Mukasey wrote. “Sam is a first-time, non-violent offender, who was joined within the conduct at situation by at the very least 4 different culpable people, in a matter the place victims are poised to recuperate – had been all the time poised to recuperate – 100 cents on the greenback.”
US prosecutors petitioned for Sam Bankman-Fried to be sentenced to 40-50 years in jail
In mid-March, federal prosecutors requested that choose Lewis Kaplan sentence Bankman-Fried to at the very least 4 many years in jail. The utmost penalty he may face would quantity to greater than 100 years.
“His life in recent times has been one among unmatched greed and hubris; of ambition and rationalization; and courting threat and playing repeatedly with different individuals’s cash,” the US attorneys in Manhattan wrote. “And even now Bankman-Fried refuses to confess what he did was flawed.”
Sam Bankman-Fried to be sentenced in Manhattan federal court docket, faces over 100 years in jail
Sam Bankman-Fried, as soon as the CEO of FTX and a billionaire wunderkind of the cryptocurrency world, will likely be sentenced to jail Thursday morning in New York Metropolis. He was convicted on seven counts of wire fraud and conspiracy to launder cash in November.
Ought to the choose in his case impose the harshest penalty allowed, the 32-year-old would face greater than 100 years and die an incarcerated man, a chance his lawyer has referred to as “grotesque”.
Prematurely of the listening to, legal professionals for the US Division of Justice and for Bankman-Fried have engaged in bitter back-and-forth over how lengthy of a jail sentence could be applicable. His legal professionals have argued for a minimal sentence of simply six years. Prosecutors are advocating for 40-50 years for his “unmatched greed and hubris” in perpetrating the $8bn (£6.3bn) fraud.
Sam Bankman-Fried deserves 40 to 50 years for FTX fraud, prosecutors say.