US prosecutors said SBF deserves to spend 40 to 50 years behind bars following conviction in November
In a memorandum filed on Friday, US prosecutors revealed they want indicted FTX founder Sam Bankman-Fried to spend 40 or 50 years in prison. They are also seeking $11 billion in fines to compensate the exchange and Alameda’s customers for their losses.
The prosecutors expressed their grievances to SBF for still not admitting to his dubious activities, describing him as greedy and rational.
“Even now, Bankman-Fried refuses to admit what he did was wrong. 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,” the prosecutors stated in the memorandum.
SBF Intends to Appeal
SBF’s lawyers seem bent on arguing out legal decisions made against their client despite overwhelming evidence against him. Representative Marc Mukasey argued before U.S. District Judge Lewis Kaplan that a prison term of 5-1/4 to 6-1/2 years would be suitable.
Among his claims for a lighter jail time for Mr. Bankman-Fried were that FTX clients would receive restitution and that he did not intend to commit theft. It is worth noting that FTX customers would receive full reimbursements, but with the prices of their crypto assets, when the exchange filed for bankruptcy in November 2022.
Mark Botnick, a spokesperson for Bankman-Fried, also revealed that Mukasey intends to appeal both his conviction and sentence. Judge Kaplan will sentence Bankman-Fried on March 28 in Manhattan federal court.
Showdown in a Few Days
Considering the havoc that FTX’s demise brought to the crypto community, SBF’s sentencing on March 28 will be an interesting event for investors and regulators alike. Following his indictment for fraud, Mr. Bankman-Fried already risks facing 40 years or more behind bars.
His time as a free man was vehemently cut short after the court revoked his bail over evidence tampering. Leaking the private information of former Alameda CEO Caroline Ellison meant he had to know his fate from prison.
Muskasey will file a response to the prosecutor’s memorandum by next week.
