Prison Time Recommendation
Prosecutors are seeking a prison sentence of 40-50 years for Sam Bankman-Fried, the disgraced founder of FTX. This is despite sentencing guidelines that could lead to a life sentence for the 32-year-old.
The prosecution argues that a lengthy sentence is necessary to deter others from engaging in financial misconduct and to protect victims.
Money Judgment
In addition to prison time, prosecutors are also recommending a $11 billion fine for Bankman-Fried. They believe this amount is conservative, given the extent of the fraud committed.
Background
Bankman-Fried was found guilty last year of defrauding investors and mishandling customer funds related to the collapse of FTX in November 2022. The cryptocurrency exchange’s downfall resulted in billions of dollars in losses for customers.
