Sam Bankman-Fried has been convicted of masterminding a multi-billion dollar crypto fraud. His sentence hearing is scheduled for next week. Prosecutors have asked for a 40—to 50-year prison term for the disgraced crypto mogul. He can face a maximum term of 110 years. He was convicted of stealing $8 billion from FTX, the cryptocurrency firm he founded, along with others who pleaded guilty, unlike him.
The federal probation department had recommended a 100-year term for the 32-year-old fraudster convicted on seven counts. Still, the prosecutors filed for a 40 to 50-year prison term due to his relative youth, although his crimes were severe. The recommendation was filed at the U.S. District Court in Manhattan as Judge Lewis A. Kaplan is expected to seal Sam Bankman-Fried’s fate at a scheduled hearing on March 28, 2024.
In February, lawyers for Sam Bankman-Fried filed that he should receive a prison sentence that was not more than six years and six months. They argued that the probation department’s recommendation was “barbaric” and more. They cited his youth, his being a first-time offender, and his medical condition, including 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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