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DOJ's Proposed 50-Year Sentence for Sam Bankman-Fried 'Disturbing,' FTX Founder's Lawyers Say

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Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.

Sam Bankman-Fried's defense team pushed back against what it called the"disturbing" sentencing memorandum filed by the Department of Justice last week in a new letter, saying the DOJ was making the FTX founder out to be someone he was not.

On Friday, prosecutors urged District Judge Lewis Kaplan to impose a sentence of 40 to 50 years, arguing that Bankman-Fried had been greedy and his efforts to resolve FTX's bankruptcy didn't help. As supporting evidence, they included various word documents he authored, victim impact statements from FTX customers and other documents.

Bankman-Fried tried to help the bankruptcy estate, Tuesday's filing said, but he was"rebuffed" by the bankruptcy managers.

 

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Prosecutors Seek 40-50 Year Prison Sentence for FTX FounderFederal prosecutors have asked a judge to sentence FTX founder Sam Bankman-Fried to 40-50 years in prison for cryptocurrency crimes. They describe his actions as a 'historic fraud' and claim he caused losses of at least $10 billion. Bankman-Fried is scheduled to be sentenced on March 28.
Source: CBSHealth - 🏆 480. / 51 Read more »