NEW YORK (NEWSnet/AP) — Federal prosecutors asked a New York judge on Friday to sentence FTX founder Sam Bankman-Fried to 40-50 years in prison for cryptocurrency crimes they describe as “historic fraud.”
Prosecutors made the request as they submitted pre-sentence recommendations.
Bankman-Fried, 32, is scheduled to be sentenced March 28 in Manhattan federal court. He was convicted in November on fraud and conspiracy charges.
Prosecutors say he cost customers and investors in FTX and its related companies at least $10 billion from 2017 through 2022.
In the pre-sentence submission, prosecutors described Bankman-Fried’s crimes as “one of the largest financial frauds in history, and what is likely the largest fraud in the last decade.”
“The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence,” they wrote.
Two weeks ago, Bankman-Fried’s lawyers disputed a probation office recommendation that their client serve 100 years, saying a sentence of that length would be “grotesque” and “barbaric.”
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