Sam Bankman Freed, founder and former CEO of disgraced cryptocurrency exchange FTX, is serving 40 to 50 years for his role in one of the largest financial fraud cases in U.S. history. federal prosecutors announced Friday.
Bankman Fried was indicted in November on seven counts of fraud and conspiracy for stealing more than $8 billion from bankrupt FTX customers to finance political contributions, bribe foreign officials and finance luxury purchases. was convicted of the crime.
The plan came to light after FTX’s dramatic and sudden collapse in November 2022. Shortly thereafter, Bankman Freed was arrested in the Bahamas and charged with wire fraud, conspiracy to commit wire fraud, securities fraud, and money laundering.
“His life in recent years has been one of unparalleled greed and arrogance. Ambition and rationalization. And he continues to take risks and gamble with other people’s money. He refuses to admit that what he did was wrong,” federal prosecutors wrote. sentencing recommendation.
U.S. District Judge Lewis Kaplan is scheduled to sentence Bankman Fried to a maximum of 110 years in prison on March 28 in Manhattan federal court.
Bankman Fried’s lawyers last month called for a more lenient sentence of 63 to 78 months, arguing that the maximum penalty was “barbaric” and “grotesque.”
“Those who knew Sam also know how deeply and profoundly sorry he is for the pain he has caused over the past two years,” his attorney wrote.
Bankman Freed reportedly plans to appeal his conviction after the verdict.
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