Prosecutors recommended that Sam Bankman-Fried serve 40–50 years in prison for stealing $8 billion from customers of his defunct crypto platform FTX, according to a new court filing.
“The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials,” they wrote. “Each of these crimes is worthy of a lengthy sentence.”
Contrastingly, Bankman-Fried’s lawyers have argued for a significantly shorter sentence, suggesting up to six and a half years, maintaining that he did not intend to steal and anticipating most FTX clients will recover their funds. The prosecution underscored the severe impact of Bankman-Fried’s actions, emphasizing that restitution does not mitigate the immediate harm suffered by victims.
Bankman-Fried was found guilty on seven counts of fraud and conspiracy in November. His sentencing is further justified by the widespread financial damage and emotional distress caused to FTX customers, with prosecutors highlighting the diverse and global nature of the victimized parties.
Furthermore, Bankman-Fried’s additional crimes have amplified the call for a severe sentence. Over $100 million in illegal political donations and a $150 million bribe to Chinese officials were among the acts cited. Prosecutors also noted his continued evasion of responsibility and attempts to manipulate the legal process even after FTX’s bankruptcy and his arrest.
Bankman-Fried had ambitions of accumulating vast wealth and power, misusing FTX customer funds for personal gain, including buying luxury real estate and attempting to curry favor with politicians.
“The scope, duration, nature, and sheer number of Bankman-Fried’s crimes, the resulting harm they have caused, the willful disregard of the rule of law, and the absence of countervailing mitigating circumstances render him exceptionally deserving of a sentence that is sufficiently severe to provide justice for the defendant’s crimes and to dissuade others from committing similar crimes, and that will permit the defendant to return to liberty only after society can be assured that he will not have the opportunity to turn back to fraud and deceit,” prosecutors wrote.
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Author: Nicholas Dolinger
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