Prosecutors are recommending that disgraced FTX founder Sam Bankman-Fried serve decades behind bars as well as be ordered to pay a staggering $11 billion money judgment.
In a new court filing, the prosecutors in the case say that while the guidelines recommend a sentence of up to 100 years – which is effectively a life sentence for the 32-year-old former chief executive – they are only going to advocate for a sentence of 40-50 years instead.
“The Government urges the Court to impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims; prevents the defendant from ever again committing fraud; and sends a powerful signal to others who might be tempted to engage in financial misconduct that the consequences will be severe.
A sentence of 40 to 50 years is necessary to serve such purposes.”
Furthermore, the prosecution says that Bankman-Fried should be ordered to pay a fine of over $11 billion, a sum they described as being a conservative amount.
“At sentencing, the Court should impose a money judgment of $11,020,000,000, along with forfeiting the defendant’s interest in the specific property listed in the preliminary order of forfeiture submitted as an exhibit to this memorandum.
Such a money judgment represents the appropriate measure for forfeiture, under the facts and under the law; indeed it is a particularly conservative sum.”
Bankman-Fried was found guilty late last year of defrauding investors and mishandling billions of dollars worth of customer funds related to the multi-billion-dollar downfall of crypto exchange FTX in November 2022.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jacob_09
