FTX founder Sam Bankman-Fried faces sentencing Thursday in New York federal courtroom for a large fraud conspiracy that led to the collapse of his cryptocurrency trade and a associated hedge fund.
Federal prosecutors need Bankman-Fried sentenced to between 40 to 50 years in jail. His protection group requested Manhattan federal courtroom Decide Lewis Kaplan to condemn him to a lot lower than that, between 5 and six-a-half years behind bars.
Kaplan presided over the trial, which resulted in November when a jury discovered Bankman-Fried, 32, responsible of seven counts and held him answerable for the roughly $10 billion of buyer deposits that went lacking in 2022.
The fees included wire fraud and conspiracy to commit wire fraud in opposition to FTX prospects and in opposition to lenders to sister hedge fund Alameda Analysis; conspiracy to commit securities fraud and conspiracy to commit commodities fraud in opposition to FTX buyers; and conspiracy to commit cash laundering.
Manhattan U.S. Lawyer Damian Williams has mentioned Bankman-Fried was the mastermind of “one of many greatest monetary frauds in American historical past.”