Sam Bankman Freed sentenced in Manhattan federal court, could face more than 100 years in prison
Sam Bankman Fried, former CEO of FTX and billionaire cryptocurrency genius, will be sentenced to prison in New York City on Thursday morning. He was convicted in November on seven counts of wire fraud and money laundering conspiracy.
If the judge in this case imposes the harshest penalty allowed, the 32-year-old man would face more than 100 years in prison and could die in prison, a possibility his lawyer said It’s called “grotesque.”
Ahead of the hearing, the U.S. Department of Justice and Bankman Freed’s lawyers have engaged in a heated exchange over how much prison time is appropriate. His lawyers are arguing for a minimum sentence of six years in prison. Prosecutors allege “unparalleled greed and arrogance” that led him to commit an $8bn (£6.3bn) fraud over 40 to 50 years.
Sam Bankman Freed deserves 40 to 50 years in prison for FTX fraud, prosecutors say.
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“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,” the US attorneys in Manhattan wrote. “And even now Bankman-Fried refuses to admit what he did was wrong.”
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Sam Bankman-Fried, once the CEO of FTX and a billionaire wunderkind of the cryptocurrency world, will be sentenced to prison Thursday morning in New York City. He was convicted on seven counts of wire fraud and conspiracy to launder money in November.
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Should the judge in his case impose the harshest penalty allowed, the 32-year-old would face more than 100 years and die an incarcerated man, a possibility his lawyer has called “grotesque”.
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In advance of the hearing, lawyers for the US Department of Justice and for Bankman-Fried have engaged in bitter back-and-forth over how long of a prison sentence would be appropriate. His lawyers have argued for a minimal sentence of just six years. Prosecutors are advocating for 40-50 years for his “unmatched greed and hubris” in perpetrating the $8bn (£6.3bn) fraud.
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Sam Bankman-Fried deserves 40 to 50 years for FTX fraud, prosecutors say.
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US prosecutors seek 40 to 50 years in prison for Sam Bankman Freed
In mid-March, federal prosecutors asked Judge Lewis Kaplan to sentence Bankman Fried to at least 40 years in prison. The maximum sentence he could receive would be more than 100 years.
“His life in recent years has been one of unparalleled greed and arrogance; ambition and rationalization; and repeated risky gambling with other people’s money,” the Manhattan U.S. attorney wrote. “And to this day Mr. Bankman Freed refuses to admit that what he did was wrong.”
Sam Bankman Freed sentenced in Manhattan federal court, could face more than 100 years in prison
Sam Bankman Fried, former CEO of FTX and billionaire cryptocurrency genius, will be sentenced to prison in New York City on Thursday morning. He was convicted in November on seven counts of wire fraud and money laundering conspiracy.
If the judge in this case imposes the harshest penalty allowed, the 32-year-old man would face more than 100 years in prison and could die in prison, a possibility his lawyer said It’s called “grotesque.”
Ahead of the hearing, the U.S. Department of Justice and Bankman Freed’s lawyers have engaged in a heated exchange over how much prison time is appropriate. His lawyers are arguing for a minimum sentence of six years in prison. Prosecutors allege “unparalleled greed and arrogance” that led him to commit an $8bn (£6.3bn) fraud over 40 to 50 years.
Sam Bankman Freed deserves 40 to 50 years in prison for FTX fraud, prosecutors say.
