UPDATE: Prosecutors Reveal What They Want For Sam Bankman-Fried’s Sentencing

March 15, 2024 10:21 pm Comments

It seems that prosecutors want to throw the book at disgraced, former CEO Sam Bankman-Fried.

The former FTX CEO wants a light sentence—somewhere under 10 years, but prosecutors have another idea.

According to the scathing court filings, prosecutors are seeking $11 billion in fines from the fallen CEO and want him to serve a 40 to 50-year prison sentence for his crimes and the pain he caused investors.

Whether or not this hefty prison sentence or the fine is imposed remains to be seen.

Sam Bankman-Fried’s sentencing date is set for March 28th, 2024, and ProCoin News will bring you updates on his sentencing as they become available to us. Multiple users provided the corresponding court documents:

Coin Telegraph broke down the recent court filing detailing Bankman-Fried’s crimes:

The 116-page Government’s Sentencing Memorandum, submitted to Judge Lewis Kaplan on March 15, recounts Bankman-Fried’s activities in detail, focusing on five points: Bankman-Fried’s scheme to make illegal political contributions, his attempt to bribe Chinese government officials, his banking misconduct, his attempts to deflect blame and various obstructions of justice.

Senior reporter at Tech Crunch, Jacquelyn Melinek offered her thoughts on SBF’s likely sentence:

“SBF sentencing is the end of this month. Fed prosecutors want 40-50 years. SBF wants 5.5-6.5 years. I was at his trial every day and interviewed former SDNY prosecutors. My educated guess? 30 years.

I’ve been told that Judge Kaplan doesn’t typically like to put young, white collar criminals behind bars for forever. (You can have your own opinions on that, I’m just stating what those who have worked with him have said). So yes, it’s highly unlikely he gets the full sentence of 110 years.

SBF is 32 now, so if I’m right, 30 years (give or take) is most of the remainder of his life anyways.

I don’t think it will be at the same level as Madoff (he was way older when he defrauded investors). But I think it’ll be long enough to make an example of SBF and his crimes, even if he’ll still get to potentially get to have a bit of a life outside of jail decades later.”

CNBC added:

In a new court filing, attorneys for Bankman-Fried asked for a sentence of between 63 and 78 months in prison for overseeing the huge financial fraud at his cryptocurrency exchange FTX and related hedge fund Alameda Research.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.