Prosecutors are recommending that disgraced FTX founder Sam Bankman-Fried serve decades behind bars as well as be ordered to pay a staggering $11 billion money judgment.
In a new court filing, the prosecutors in the case say that while the guidelines recommend a sentence of up to 100 years – which is effectively a life sentence for the 32-year-old former chief executive – they are only going to advocate for a sentence of 40-50 years instead.
“The Government urges the Court to impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims; prevents the defendant from ever again committing fraud; and sends a powerful signal to others who might be tempted to engage in financial misconduct that the consequences will be severe.
A sentence of 40 to 50 years is necessary to serve such purposes.”
Furthermore, the prosecution says that Bankman-Fried should be ordered to pay a fine of over $11 billion, a sum they described as being a conservative amount.
“At sentencing, the Court should impose a money judgment of $11,020,000,000, along with forfeiting the defendant’s interest in the specific property listed in the preliminary order of forfeiture submitted as an exhibit to this memorandum.
Such a money judgment represents the appropriate measure for forfeiture, under the facts and under the law; indeed it is a particularly conservative sum.”
Bankman-Fried was found guilty late last year of defrauding investors and mishandling billions of dollars worth of customer funds related to the multi-billion-dollar downfall of crypto exchange FTX in November 2022.
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- Source: https://dailyhodl.com/2024/03/17/prosecutors-recommend-up-to-50-year-prison-sentence-and-11000000000-money-judgment-for-sam-bankman-fried/
