Key Takeaways
- Prosecutors recommend a 40 to 50-year prison sentence and an $11 billion fine for Sam Bankman-Fried.
- The recommendation follows Bankman-Fried's conviction on multiple fraud-related charges, underlining the extensive misconduct involved in the collapse of FTX.
- The final sentencing decision by Judge Kaplan is set for March 28.
Prosecutors recommend a prison sentence of 40 to 50 years for Sam Bankman-Fried (also known as SBF), the ex-CEO of the now-bankrupt crypto exchange FTX, in addition to a staggering $11 billion fine.
This recommendation follows Bankman-Fried's conviction on multiple fraud charges, which could result in up to 110 years behind bars.
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On November 2, 2023, Bankman-Fried was found guilty of seven fraud-related charges despite pleading not guilty.
SBF's fraudulent activities, as outlined in a memorandum to Judge Lewis Kaplan, span a wide range of misconduct, including unlawful political contributions, attempts to bribe government officials in China, banking misconduct, and trying to evade responsibility after FTX collapsed.
Prosecutors argue for sentence enhancements due to the severe consequences of Bankman-Fried's actions. The request suggests that a four to five-decade sentence would ensure he poses no future threat:
<Bankman-Fried is> 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.
Furthermore, they proposed a $11 billion fine.
Judge Kaplan, however, won't be obligated to follow the suggestions outlined in the memorandum in the final ruling, which is expected on March 28.
Another important moment in the SBF case occurred in February when his legal team pleaded to reduce his prison sentence to 63 - 78 months, emphasizing his status as a "first-time, non-violent offender."
