He needs to be given the entire 110-year sentence. Over one million victims many of whom lost everything. Sentencing of financial crimes needs to be corrected to reflect the impact they have on actual lives of the victims. These criminals can destroy hundreds or thousands of lives forever and get away with just a few years in prison.
The FTX founder’s sentencing hearing is scheduled for the end of this month
Federal prosecutors have requested prison terms ranging from 40 to 50 years for Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, over mass fraud leading to the company’s collapse.
Lawyers have also asked that the defendant be ordered to pay $11 billion in restitution when he is sentenced on March 28 at the US District Court in Manhattan. The federal probation department separately recommended a 100-year sentence for Bankman-Fried, 32. He faces a maximum possible penalty of 110 years.
In November, Bankman-Fried was found guilty on seven counts of fraud and conspiracy linked to his ill-fated cryptocurrency exchange, the world’s second-largest at the time of its insolvency, and a related hedge fund.
“In every part of his business, and with respect to each crime committed, the defendant demonstrated a brazen disrespect for the rule of law,” prosecutors said in the filing published on Friday. They added that Bankman-Fried’s “historic” crime involved over a million of potential victims and losses of more than $10 billion.
They emphasized that the defendant “understood the rules, but decided they did not apply to him.”
Bankman-Fried was arrested last December on a long list of fraud charges after his once-successful crypto exchange, FTX, abruptly filed for bankruptcy. Prosecutors said he embezzled $8 billion in customers’ money to make investments, buy real estate, and make up for losses at a separate hedge fund, among other things, for which he faced one count of wire fraud, two counts of conspiracy to commit fraud, and one count of money laundering conspiracy.
The government also alleged that Bankman-Fried borrowed large sums of money from FTX on behalf of his hedge fund, Alameda Research, and lied to auditors about the firm’s risk management. The fund’s former chief executive and Bankman-Fried’s ex-girlfriend, Caroline Ellison, has pleaded guilty to separate charges for her role in the scheme, and testified against Bankman-Fried during his trial.
He needs to be given the entire 110-year sentence. Over one million victims many of whom lost everything. Sentencing of financial crimes needs to be corrected to reflect the impact they have on actual lives of the victims. These criminals can destroy hundreds or thousands of lives forever and get away with just a few years in prison.
The FTX founder’s sentencing hearing is scheduled for the end of this month
Federal prosecutors have requested prison terms ranging from 40 to 50 years for Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, over mass fraud leading to the company’s collapse.
Lawyers have also asked that the defendant be ordered to pay $11 billion in restitution when he is sentenced on March 28 at the US District Court in Manhattan. The federal probation department separately recommended a 100-year sentence for Bankman-Fried, 32. He faces a maximum possible penalty of 110 years.
In November, Bankman-Fried was found guilty on seven counts of fraud and conspiracy linked to his ill-fated cryptocurrency exchange, the world’s second-largest at the time of its insolvency, and a related hedge fund.
“In every part of his business, and with respect to each crime committed, the defendant demonstrated a brazen disrespect for the rule of law,” prosecutors said in the filing published on Friday. They added that Bankman-Fried’s “historic” crime involved over a million of potential victims and losses of more than $10 billion.
They emphasized that the defendant “understood the rules, but decided they did not apply to him.”
Bankman-Fried was arrested last December on a long list of fraud charges after his once-successful crypto exchange, FTX, abruptly filed for bankruptcy. Prosecutors said he embezzled $8 billion in customers’ money to make investments, buy real estate, and make up for losses at a separate hedge fund, among other things, for which he faced one count of wire fraud, two counts of conspiracy to commit fraud, and one count of money laundering conspiracy.
The government also alleged that Bankman-Fried borrowed large sums of money from FTX on behalf of his hedge fund, Alameda Research, and lied to auditors about the firm’s risk management. The fund’s former chief executive and Bankman-Fried’s ex-girlfriend, Caroline Ellison, has pleaded guilty to separate charges for her role in the scheme, and testified against Bankman-Fried during his trial.
And he must share cell w gollum
Why is he disposable to the cabal?
im sure he will “die” soon, just like Ken Lay and Jeffrey Epstein
This for sure.
He knows way too much and will be killed before he squawks.
He got too obviously greedy.