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Sam Bankman-Fried Faces 40-50 Years in Prison for FTX Fraud

Prosecutors recommend a lengthy sentence for the FTX founder, citing the massive scope of his crimes and the need for justice.

FTX founder Sam Bankman-Fried leaves Federal court, Wednesday, July 26, 2023, in New York. Prosecutors asked a New York judge on Friday, March 15, 2024 to sentence FTX founder Sam Bankman-Fried to between 40 and 50 years in prison for cryptocurrency crimes they described as a “historic fraud.”(AP Photo/Mary Altaffer)
Sam Bankman-Fried is sworn in as he appears in court for the first time since his November fraud conviction in New York in February. Courtroom sketch: Jane Rosenberg via Reuters
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Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023.

Overview

  • Federal prosecutors argue for 40 to 50 years imprisonment for Sam Bankman-Fried, emphasizing the 'extraordinary dimensions' of his crimes.
  • Bankman-Fried, convicted of seven fraud and conspiracy charges, stole over $8 billion from FTX customers.
  • Prosecutors seek an $11 billion fine and asset forfeiture, highlighting Bankman-Fried's 'brazen disrespect for the rule of law'.
  • Defense requests a significantly lower sentence, arguing for leniency due to Bankman-Fried's autism spectrum disorder.
  • Sentencing is scheduled for March 28, with Bankman-Fried's lawyers planning to appeal the conviction.