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Crypto-fraudster Sam Bankman-Fried could possibly be away for a very long time.
Prosecutors are recommending a 40 to 50 12 months sentence for the FTX founder who defrauded buyers of billions of {dollars}. Folks have speculated that he would possibly get immunity with little or no jail sentence due to his political donations, which went overwhelmingly to Democrats.
Now he's half a century behind bars.
Fox Enterprise Community stories:
Prosecutors need 40 to 50 years jail sentence for Sam Bankman-Fried
Sam Bankman-Fried ought to spend 40 to 50 years in jail after being discovered responsible of stealing $8 billion from prospects of his bankrupt FTX cryptocurrency trade, prosecutors mentioned Friday.
The FTX founder was discovered responsible in November on all fees associated to the collapse of his cryptocurrency trade within the first of two prison trials towards the previous CEO.
A jury in Manhattan federal court docket agreed with prosecutors that Bankman-Fried defrauded buyers, prospects and lenders throughout the collapse of his crypto empire.
“Even now, Bankman-Fried refuses to confess that what she did was improper,” prosecutors wrote in a sentencing memorandum. “His life in recent times has been one in every of unmatched greed and self-importance; of ambition and rationalization; and repeatedly taking dangers and playing with different folks's cash.
Prosecutors accused Bankman-Fried, who based and managed each FTX and sister hedge fund Alameda Analysis, of misappropriating and embezzling billions of {dollars} in FTX buyer deposits, conspiring to mislead buyers and different executives of their companies. Additionally instructed to take action.
These prosecutors should not messing round.
NEW – A sentencing memorandum from the federal authorities towards Sam Bankman-Fried has simply been launched.
They need him to go to jail for 40 to 50 years.https://t.co/EUIGAt3lxi pic.twitter.com/kIwGJUyVEt
– Teddy Schleifer (@teddyschleifer) 15 March 2024
His protection needed a sentence of solely six years. Not going to occur.
Federal prosecutors argued of their sentencing memorandum that Sam Bankman-Fried ought to spend 40 to 50 years in jail for the FTX fraud, with protection attorneys rejecting a request for a sentence of about six years.
The sentencing memorandum states that Bankman-Fried was… pic.twitter.com/37j6eYHxhE
– John Reed Stark (@JohnReedStark) 16 March 2024
By the point he will get out of jail he’ll in all probability be a a lot older man.