Crypto-scammer Sam Bankman-Fried could also be going away for an extended, very long time.
Prosecutors are recommending a 40 to 50 12 months sentence for the FTX founder who bilked traders out of billions of {dollars}. Individuals have speculated that he would possibly get off with little to no jail time as a result of his political donations, which went overwhelmingly to Democrats.
Now he’s taking a look at half a century behind bars.
The FOX Business Network studies:
Prosecutors need a 40- to 50-year jail sentence for Sam Bankman-Fried
Sam Bankman-Fried ought to spend 40 to 50 years in jail after being convicted of stealing $8 billion from clients of his now-bankrupt FTX cryptocurrency alternate, prosecutors stated Friday.
The FTX founder was discovered responsible on all expenses in November associated to the collapse of his cryptocurrency alternate within the first of two prison trials in opposition to the previous CEO.
A jury in a Manhattan federal courtroom agreed with prosecutors that Bankman-Fried defrauded traders, clients and lenders through the collapse of his crypto empire.
“Even now, Bankman-Fried refuses to admit what he did was wrong,” prosecutors wrote in a sentencing memorandum. “His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money.”…
Prosecutors accused Bankman-Fried, who based and managed each FTX and sister hedge fund Alameda Analysis, of misappropriating and embezzling billions of {dollars} in FTX buyer deposits, scheming to mislead traders and instructing different executives at his companies to do the identical.
These prosecutors should not taking part in round.
NEW — The sentencing memo from the federal authorities in opposition to 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
His protection needed a sentence of solely six years. Not going to occur.
Federal prosecutors argued of their Sentencing Memorandum that Sam Bankman-Fried ought to spend 40 to 50 years in jail for the FTX fraud, pushing again in opposition to a request by protection counsel for a sentence of roughly six years.
The Sentencing Memorandum stated Bankman-Fried ought to be… pic.twitter.com/37j6eYHxhE
— John Reed Stark (@JohnReedStark) March 16, 2024
He’ll seemingly be a a lot older man by the point he will get out of jail.
