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Federal prosecutors are asking that Sam Bankman-Fried, the disgraced cofounder of bankrupt crypto alternate FTX, be sentenced to 40 to 50 years in jail, in keeping with a sentencing memo on Friday.
“Justice requires that he obtain a jail 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 Decide Lewis A. Kaplan in U.S. District Courtroom in Manhattan.
Bankman-Fried was discovered responsible of seven fraud costs in November and is scheduled to be sentenced on March 28. The utmost potential penalty is 110 years.
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
In one other submitting final month, Bankman-Fried’s attorneys argued that he ought to obtain a sentence of not more than 6 1/2 years because of his autism spectrum dysfunction. Bankman-Fried, his legal professionals mentioned, “presents at occasions as a paradox,” pointing to his “neurodiversity” that impacts how he’s perceived. The memo was accompanied by letters of help from Bankman-Fried’s dad and mom and psychiatrist, amongst others.
Joseph Bankman and Barbara Fried, who’ve taught at Stanford Regulation College, 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 ache he precipitated over the past two years,” the memo mentioned. “His sole focus after the collapse of FTX was making clients entire.”
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 alternate that attracted high enterprise 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 Heart. Kaplan revoked his bail in August and despatched him to MDC after he leaked personal 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.
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