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