FTX co-founder and former chief executive Sam Bankman-Fried is not living in reality with his claims that the bankruptcy of his cryptocurrency exchange was not necessary and that he did not steal from customers, new CEO John Ray said Wednesday. "Mr. Bankman-Fried continues to live a life of delusion," Ray wrote in a Manhattan federal court filing ahead of the former billionaire's sentencing set for next week.
Bankman-Fried was found guilty in November on two counts of wire fraud and five conspiracy counts. The charges carry a maximum sentence of 110 years behind bars, and his sentencing is scheduled for Thursday. GET FOX BUSINESS ON THE GO BY CLICKING HERE Prosecutors are seeking a sentence of 40 to 50 years in prison, while the defense is arguing a 5¼- to 6½-year prison term would be appropriate. FOX Business' Landon Mion and Reuters contributed to this report.
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