Federal prosecutors are asking that Sam Bankman-Fried, the disgraced cofounder of bankrupt crypto change FTX, be sentenced to 40 to 50 years in jail, in keeping with a sentencing memo on Friday.
“Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes,” the prosecutors wrote within the 116-page doc. The advice was made in a submitting to Choose Lewis A. Kaplan in U.S. District Court docket in Manhattan.
Bankman-Fried was found guilty of seven fraud fees in November and is scheduled to be sentenced on March 28. The utmost doable penalty is 110 years.
NEW — The sentencing memo from the federal authorities towards Sam Bankman-Fried simply dropped.
They need him to go away to jail for 40 to 50 years.https://t.co/EUIGAt3lxi pic.twitter.com/kIwGJUyVEt
— Teddy Schleifer (@teddyschleifer) March 15, 2024
In one other filing final month, Bankman-Fried’s attorneys argued that he ought to obtain a sentence of no more than 6 1/2 years because of his autism spectrum dysfunction. Bankman-Fried, his legal professionals mentioned, “presents at times as a paradox,” pointing to his “neurodiversity” that impacts how he’s perceived. The memo was accompanied by letters of assist from Bankman-Fried’s mother and father and psychiatrist, amongst others.
Joseph Bankman and Barbara Fried, who’ve taught at Stanford Legislation Faculty, mentioned materials wealth didn’t curiosity their son, who labored tirelessly to repay clients within the month following FTX’s November 2022 collapse, previous to his arrest. Bankman-Fried is “deeply, deeply sorry” for “the pain he caused over the last two years,” the memo mentioned. “His sole focus after the collapse of FTX was making customers whole.”
The rise and fall of Bankman-Fried’s crypto empire has captured worldwide consideration. FTX as soon as graced Tremendous Bowl commercials and carried a valuation north of $30 billion, and the disgraced mogul oversaw a Bahamas-based change that attracted top venture capitalists and celebrities earlier than the partitions tumbled amid a broader crypto collapse in 2022.
Bankman-Fried is awaiting sentencing in Brooklyn’s Metropolitan Detention Center. Kaplan revoked his bail in August and despatched him to MDC after he leaked private writings from Caroline Ellison—his one-time girlfriend and former CEO of FTX’s buying and selling agency, Alameda Analysis—to the New York Instances.
