U.S. prosecutors urged a federal judge to sentence Sam Bankman-Fried to 40-50 years in prison and $11 billion in fines and forfeiture.
U.S. prosecutors recommended that a federal judge sentence FTX founder and former CEO Sam Bankman-Fried to 40-50 years in prison for his conviction on fraud and conspiracy charges tied to the collapse of what was once one of the world's largest crypto exchanges. "Bankman-Fried is deserving of a severe sanction, proportionate to his role in this historic fraud," the prosecutors said."The government urges the court to impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims; prevents the defendant from ever again committing fraud; and sends a powerful signal to others who might be tempted to engage in financial misconduct that the consequences will be severe.
The prosecutors included a list of sentences for defendants who'd cost victims more than $100 million in a Ponzi scheme or other kinds of misappropriation, leading off with Bernie Madoff, who was tied to $13 billion in losses and was given a 150-year sentence.details where the funds would come from, including deposits in U.S. bank accounts that the government has seized, funds in a number of Binance and Binance.US accounts and proceeds from the sale of Robinhood shares.