Crypto-scammer Sam Bankman-Fried could also be going away for an extended, very long time.
Prosecutors are recommending a 40 to 50 12 months sentence for the FTX founder who bilked buyers out of billions of {dollars}. Folks have speculated that he would possibly get off with little to no jail time as a consequence of his political donations, which went overwhelmingly to Democrats.
Now he’s half a century behind bars.
The FOX Enterprise Community reviews:
Prosecutors need a 40- to 50-year jail sentence for Sam Bankman-Fried
Sam Bankman-Fried ought to spend 40 to 50 years in jail after being convicted of stealing $8 billion from prospects of his now-bankrupt FTX cryptocurrency alternate, prosecutors stated Friday.
The FTX founder was discovered responsible on all costs in November associated to the collapse of his cryptocurrency alternate within the first of two felony trials towards the previous CEO.
A jury in a Manhattan federal court docket agreed with prosecutors that Bankman-Fried defrauded buyers, prospects and lenders in the course of the collapse of his crypto empire.
“Even now, Bankman-Fried refuses to confess what he did was fallacious,” prosecutors wrote in a sentencing memorandum. “His life in recent times has been considered one of unmatched greed and hubris; of ambition and rationalization; and courting danger and playing repeatedly with different individuals’s cash.”…
Prosecutors accused Bankman-Fried, who based and managed each FTX and sister hedge fund Alameda Analysis, of misappropriating and embezzling billions of {dollars} in FTX buyer deposits, scheming to mislead buyers and instructing different executives at his companies to do the identical.
These prosecutors aren’t taking part in round.
NEW — The sentencing memo from the federal authorities towards Sam Bankman-Fried simply dropped.
They need him to go away to jail for 40 to 50 years.https://t.co/EUIGAt3lxi pic.twitter.com/kIwGJUyVEt
— Teddy Schleifer (@teddyschleifer) March 15, 2024
His protection needed a sentence of solely six years. Not going to occur.
Federal prosecutors argued of their Sentencing Memorandum that Sam Bankman-Fried ought to spend 40 to 50 years in jail for the FTX fraud, pushing again towards a request by protection counsel for a sentence of roughly six years.
The Sentencing Memorandum stated Bankman-Fried must be… pic.twitter.com/37j6eYHxhE
— John Reed Stark (@JohnReedStark) March 16, 2024
He’ll probably be a a lot older man by the point he will get out of jail.
