Prosecutors Want 40 to 50 Year Prison Sentence for Convicted Fraudster Sam Bankman-Fried
“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.”
Former FTX CEO Sam Bankman-Fried was found guilty on all charges back in November. The size and scope of his financial crimes is mind-blowing.
Unfortunately for him, the prosecutors in this case did not come to play. They want him to do serious prison time.
The FOX Business Network reports:
Prosecutors want a 40- to 50-year prison sentence for Sam Bankman-Fried
Sam Bankman-Fried should spend 40 to 50 years in prison after being convicted of stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said Friday.
The FTX founder was found guilty on all charges in November related to the collapse of his cryptocurrency exchange in the first of two criminal trials against the former CEO.
A jury in a Manhattan federal court agreed with prosecutors that Bankman-Fried defrauded investors, customers and lenders during the collapse of his crypto empire.
“Even now, Bankman-Fried refuses to admit what he did was wrong,” prosecutors wrote in a sentencing memorandum. “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.”
A spokesman for the former billionaire, Mark Botnick, declined to comment. Bankman-Fried’s lawyers told U.S. District Judge Lewis Kaplan a 5¼- to 6½-year prison term would be appropriate. They said FTX clients would get most of their money back and that Bankman-Fried did not set out to steal.
While 50 years seems like a long sentence, prosecutors originally recommended 100 years.
CBS News reports:
Two weeks ago, Bankman-Fried’s lawyers attacked a probation office recommendation that their client serve 100 years in prison, saying a sentence of that length would be “grotesque” and “barbaric.”
They urged the judge to sentence Bankman-Fried to just a few years behind bars after calculating federal sentencing guidelines to recommend a term of five to 6 1/2 years in prison.
They cited their client’s medical conditions, which include autism, as well as his goals to improve the world through his now-defunct crypto exchange, according to the Wall Street Journal.
Sentencing is set to take place at the end of this month.
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Comments
Now wait a minute, Sam the Bank man for the Democrats?
That Sam?
Never going to happen.
The checks have already been cashed, and obviously no more will be forthcoming, so under the bus Sam goes.
“…convicted of stealing $8 billion from customers…”
Also, “help fund over $100 million in political contributions in advance of the 2022 election.”
Dollars to donuts it was far more than a meager $100 million, but let’s go with that; 1) where did the other $7,900,000,000 go? 2) Are political campaigns which received these stolen funds required to return it to the victims? 3) If not, why not?
Sounds like the USA government to me
Prosecutors Want 40 to 50 Year Prison Sentence for Convicted Fraudster Sam Bankman-Fried
“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.”
Mostly bad bets. The cryptos Bankman had bought were getting obliterated. Bankman and his pals certainly spend a few hundred million on themselves but most of the billions just went to poor trades.
And how do his investors actually get their money back?
Most of the people will get their money back but that is only because they were sold out at the bottom and bitcoin and solana have rocketed more than 500% since then. So, the investors will be “made whole” from being forced out at the bottom of the market when bitcoin was at $17,000 and Solana was something like $20 but they were not allowed to hold their coins as bitcoin has gone to over $70,000 and solana has increased something like 600% or 700% to over $130. But … ON PAPER, it shows that they “got their money back”, though they would have had tons more if they had gotten the cash they were sold out for back then and had likely reinvested it back into the cryptos they had been holding through FTX.
It’s all a lot of BS. The investors got shafted both ways. Of course, serves them right for putting their money with an obvious charlatan like Sam Bankman working from an offshore exchange.
Actually, solana is at $190 now, up from around $14 at the time of FTX’s collapse and the investors being “cashed out” by the legal determinations. SO, they were forced out before an over 1200% price rise in the solana tokens.
They don’t. Not really, Perhaps in the best case scenario they’ll get a very small fraction of a percentage back of what they lost but not much more than that.
What you have here is the dealer, not the king pen.
They want to force him to plead to something else.
Greed and hubris are American values.
Actually, they are human choices, not limited to America.
He was found guilty. Nothing else could he plead to.
Only reason prosecutors seek a long sentence is because they know that the Clinton-appointed judge will find any way possible to reduce punishment for his poor fellow -Dem. Otherwise, they wouldn’t talk so tough.
he’s got him a purty mouf
Go after the parents. They seem as corrupt and quite Bidenesque in their parenting.
The defense wanted him to get a low sentence because of “his goals to improve the world through his now-defunct crypto exchange”
But those goals were sheer fiction! Just a lie to fool the rubes. Taking that into account, he should get the full 100 years. I guess we’ll see if the judge is another one of the rubes.
Haiti needs some help these days
So he should do 50 years.
Freaking punk-bitch scammed billions out of investors.
He can go to hell.
I say give him a month at most. But, it has to be spent 5 minutes at a time in a small room with a person he has defrauded, who is given either a wood or an aluminum (their choice) baseball bat. Start with the oldest people first, cause we wouldn’t want this to end too soon.
Madoff got life + 150 years, something like that. SBF is worse than Madoff isn’t he? Why would he get a lesser sentence?