Sam Bankman-Fried To Spend 40-50 Years in Prison, Prosecutors Argue

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Prosecutors Claim for Bankman-Fried’s Severe Punishment
  • The federal prosecutors argue that Sam Bankman-Fried deserves 40-50 years of imprisonment.
  • Though Bankman-Fried’s lawyers, family, and friends requested mercy, the prosecutors advocated for a severe punishment.
  • Judge Kaplan is scheduled to sentence Bankman-Fried on March 28, 2024.

In a recent development in the lawsuit involving Sam-Bankman Fried, the ill-famed founder of the defunct crypto exchange FTX, the federal prosecutors claimed that the defendant deserves 40-50 years of prison sentence.

Following the collapse of FTX, Bankman-Fried was found guilty of seven charges, including conspiracy and fraud. At the time, US attorney Damian Williams addressed Bankman-Fried’s crime as one of the “biggest financial frauds in American history.”

While his total charges could result in an imprisonment of 115 years, his lawyers requested the court to limit his punishment to a maximum of 6.5 years. In addition, his family and friends pleaded with the court to consider Bankman-Fried’s psychiatric conditions to lessen his sentence period.

While psychiatrist George Lerner recognized Bankman-Fried as his patient, diagnosed with autism spectrum disorder (ASD), Bankman-Fried’s mother, Barbara Fried, requested the court to rescue her son from a longer period of isolation in prison. She stated that imprisonment is “just a more certain form of murder, and in many ways, a crueler one, slowly destroying his soul rather than his body.”

However, in the recent filing, the prosecutors in Manhattan argued that Bankman-Fried should experience 40-50 years of imprisonment, considering the impact of his crime. They added that thousands of people, including citizens from war-torn areas and financially unstable countries, have invested in his firm. They asserted,

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.

Reportedly, FTX founder’s lawyer Marc Mukasey will file a response to the prosecutors’ memorandum next week. However, as per reports, US District Judge Lewis Kaplan is slated to sentence Bankman-Fried on March 28. 

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