FTX Founder Sam Bankman-Fried Should Get Up to 50 Years in Prison, $11 Billion Fine: DOJ

Prosecutors in the federal fraud case against Sam Bankman-Fried said Friday that the disgraced FTX founder and former CEO should face 40 to 50 years in prison, and face $11 billion in fines and forfeiture of assets.

That’s according to a sentencing memo filed by the U.S. Department of Justice’s Southern District of New York on Friday. Bankman-Fried was found guilty of seven fraud and conspiracy charges last November following the prominent cryptocurrency exchange’s collapse in late 2022.

Prosecutors said that Bankman-Fried and associates pilfered billions of dollars’ worth of customer funds from FTX through the Alameda Research trading firm, a sister company of FTX. Bankruptcy lawyers said recently that they have a plan to make customers whole after recovering stolen assets and investments, and selling the exchange’s remaining cryptocurrency holdings.

This story is breaking and will be updated with additional details.

Stay on top of crypto news, get daily updates in your inbox.

Source: https://decrypt.co/221971/ftx-founder-sam-bankman-fried-sentencing-50-years-prison