Sam Bankman Fried should be sentenced to 40 to 50 years in prison after being found guilty of stealing $8 billion from customers of bankrupt cryptocurrency exchange FTX, prosecutors said Friday. Announced.
“His life in recent years was one of unparalleled greed and arrogance; ambition and rationalization; and repeated risky gambling with other people’s money,” federal prosecutors in Manhattan wrote. “And to this day Mr. Bankman Freed refuses to admit that what he did was wrong.”
A jury convicted Bankman Fried, 32, of seven counts of fraud and conspiracy in November.
The former billionaire’s attorney told U.S. District Judge Lewis Kaplan that a sentence of 5 1/4 to 6 1/2 years in prison was appropriate. They said FTX customers would get most of their funds back and that Bankman Freed was not aiming to steal.
Kaplan is scheduled to sentence Bankman Fried on March 28 in Manhattan federal court.
Bankman Freed plans to appeal the conviction and sentence.
