Sam Bankman-Fried deserves 40-50 years in prison for “orchestrating one of the largest financial frauds in history, and what is likely the largest fraud in the last decade.” Federal prosecutors in New York on Friday made known they want this severe of a sentence for SBF. Prosecutors cite the “enormous scale of the fraud,” in their sentencing submission.
Sam Bankman-Fried, or SBF, the founder of the now-defunct crypto exchange FTX, was convicted of fraud in November 2023. The fall of SBF’s FTX is one of the biggest financial frauds in recent history.
More than $8 billion of customer money was misappropriated, which “puts this crime in a class of cases that can be counted on one hand,” prosecutors said. Furthermore, the prosecution adds that Bankman-Fried “victimized tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials.”
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Sam Bankman-Fried Receives His Sentence This Month
Sam Bankman-Fried’s defense has been working tirelessly to lower the founder’s sentence. They argue that Bankman-Fried is “deeply, deeply sorry” for his actions against FTX victims. The defense also said a decades-long sentence “would end Sam’s ability to lead a meaningful life and contribute to the neediest in society.”
However, the prosecution isn’t letting up. “With all the advantages conferred by a comfortable upbringing, an MIT education, a prestigious start to his career in finance, and a worthy idea for a startup business, Bankman-Fried could have pursued the rewarding, productive, and altruistic life he has sketched out in his sentencing submission,” the opposition said. “Instead, his life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money.”
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SBF’s sentencing will take place on Mar. 28, 2024.