US prosecutors want 50-year sentence for Bankman-Fried — RT World News

Federal prosecutors have sought prison sentences of 40 to 50 years for Sam Bankman-Fried, founder of cryptocurrency exchange FTX, for mass fraud that led to the company's collapse.

The lawyers also demanded that the defendant be required to pay $11 billion in damages when he is sentenced on March 28 in the US District Court in Manhattan. The Federal Probation Service separately recommended a 100-year prison sentence for Bankman-Fried, 32. He faces a possible maximum sentence of 110 years.

In November, Bankman-Fried was convicted of seven counts of fraud and conspiracy linked to his cryptocurrency exchange, which was the world's second-largest at the time of its bankruptcy, and a related hedge fund.

“In every part of his action, and in relation to every crime committed, the defendant demonstrated a blatant disrespect for the rule of law.” Prosecutors said in the recording released Friday. They added that Bankman Fried “Historical” The crime involved more than a million potential victims and losses of more than $10 billion.

They confirmed that the accused “He understood the rules, but decided they didn't apply to him.”

Bankman-Fried was arrested last December on a long list of fraud charges after the once-successful company, FTX, suddenly declared bankruptcy. Prosecutors said he embezzled $8 billion in client funds to make investments, buy real estate and offset losses at a separate hedge fund, among other things, for which he faced one count of wire fraud and two counts of conspiracy to commit wire fraud. and one count of money laundering conspiracy.

The government also alleged that Bankman-Fried borrowed large amounts from FTX on behalf of its hedge fund, Alameda Research, and lied to auditors about the company's risk management. Caroline Ellison, the fund's former CEO and Bankman-Fried's former girlfriend, pleaded guilty to charges separate from her role in the scheme, and testified against Bankman-Fried during his trial.

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