Sam Bankman-Fried, founder of the failed crypto exchange FTX, faces billions of dollars in fines and over a hundred years in prison.
Prosecutors have sought up to 50 years in prison for Sam Bankman-Fried, the former CEO of the bankrupt cryptocurrency exchange FTX and convicted fraudster. In total, SBF faces up to 110 years in prison.
In a 116-page sentencing memorandum submitted by prosecutors to Judge Lewis Kaplan on March 15, Bankman-Fried's activities were detailed in five articles: Bankman-Fried's scheme to make illegal political donations, attempts to bribe Chinese government officials, banking abuses, attempts to deflect blame, and various obstructions of justice.
Bankman-Fried was not charged with making illegal political donations because the Bahamas government did not extradite him on that charge. He was also not charged with bribing Chinese officials. The memorandum also stated:
"The defendant has not assumed any real responsibility for his role in the collapse of FTX and the loss of customer funds."
Bankman-Fried's sentence should be subject to various enhancements due to the seriousness of his crimes, the document said. It also repeatedly compared Bankman-Fried to New York financier Bernie Madoff, who ran the largest known Ponzi scheme in history, and other financial criminals. The document also included four pages of accounts by victims of Bankman-Fried's scam of the turmoil caused by the losses caused by the collapse of FTX.
On November 2, 2023, Bankman-Fried pleaded guilty to seven charges: two counts of wire fraud, two counts of conspiracy to defraud, one count of securities fraud, one count of conspiracy to commit commodities fraud, and one count of conspiracy to launder money. His lawyer asked the court for a maximum sentence of six and a half years in prison. He had pleaded not guilty to all charges.
