Sam Bankman-Fried has been found guilty of orchestrating a sophisticated cryptocurrency scam worth billions of dollars. The hearing for his sentence has been scheduled for next week. The prosecutors have requested a prison sentence of 40 to 50 years for the disgraced individual who was formerly a prominent figure in the cryptocurrency industry. The highest sentence he can receive is 110 years. He was found guilty of embezzling $8 billion from FTX, the cryptocurrency company he established, along with co-conspirators who admitted their guilt, unlike him.
The federal probation agency suggested imposing a sentence of 100 years for the 32-year-old individual found guilty of fraud on seven charges. However, the prosecutors requested a prison sentence of 40 to 50 years, considering his relatively young age, despite the severity of his offenses. The recommendation was submitted to the U.S. District Court in Manhattan, where Judge Lewis A. Kaplan is anticipated to determine the outcome of Sam Bankman-Fried’s case during a planned hearing on March 28, 2024.
In February, Sam Bankman-Fried’s attorneys submitted a request for a prison term not exceeding six years and six months. They said the probation department’s suggestion was “barbaric” and beyond that. The reasons given for his leniency were his young age, his status as a first-time offender, and his medical condition, which includes autism.
Federal prosecutors said in the pre-sentence that Bankman-Fried’s crimes were “one of the largest financial frauds in history.” They also described the crypto fraudster’s crimes as “likely the largest fraud in the last decade.”
They also listed his actions, including stealing money from customers, lying to investors, sending fabricated documents to lenders, etc.
Federal prosecutors also said that he had made “millions of dollars in illegal donations” of over $100 million to both political parties in the nation, which is thought to be “the largest ever campaign finance offense.”
He also bribed foreign officials, and federal prosecutors said that these criminal actions warranted “a lengthy sentence” and more.
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