Dethroned crypto king Sam Bankman-Fried to be sentenced Thursday
Newsy
Prosecutors have recommended a prison sentence of 40 to 50 years after Bankman-Fried was convicted of fraud and conspiracy.
Former crypto mogul Sam Bankman-Fried faces the potential of decades in prison when he is sentenced Thursday for his role in the 2022 collapse of FTX, once one of the world's most popular platforms for trading digital currency.
Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a year earlier when he and his companies seemed to be riding a crest of success that resulted in a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and comedian Larry David.
A jury found that Bankman-Fried illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
Prosecutors recommended a prison sentence of 40 to 50 years.
“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,” prosecutors told Judge Lewis A. Kaplan in a court filing.
