Bankruptcy of FTX Founder Sam Bankman-Fried (SBF) Officially Sentenced on the 28th of this Month: The US Department of Justice submitted dozens of victim impact statements from FTX creditors to the court on Monday to support their request for a sentencing recommendation of 40 to 50 years of imprisonment for SBF.
On the 28th of this month, Sam Bankman-Fried (SBF), the founder of FTX, who was convicted of seven counts including fraud and money laundering, will be officially sentenced. According to the sentencing memorandum submitted by US prosecutor Damian Williams to the Southern District Court of New York on the 15th, SBF is requested to be sentenced to 40 to 50 years of imprisonment.
US Department of Justice Submits Victim Impact Statements: Prior to SBF’s upcoming sentencing, the US Department of Justice submitted dozens of victim impact statements from FTX creditors to the court on Monday to support their sentencing recommendation. These victims, from around the world, described in their letters the FTX assets they held and the impact of FTX’s bankruptcy on their lives.
According to CoinDesk’s report, these victims stated that the collapse of FTX in 2022 “took away their financial security,” leading to emotional harm and “causing a sense of insecurity and distrust in the financial system”. One victim stated that they have been without income for over a year, and their situation has worsened due to unemployment and an ongoing disability determination process. Other interviewees mentioned that they became unemployed due to health issues and could only rely on the funds stored in FTX.
Some victims mentioned that they trusted FTX because of SBF’s statements or believed that US exchanges would be regulated. Some of these victims questioned the possibility of retrieving 100% of their FTX assets, pointing out that FTX intends to compensate based on the asset value at the time of the November 2022 bankruptcy, rather than the current asset value.
SBF’s Lawyers Hope for a Sentence of Less Than 6.5 Years: SBF’s sentencing is scheduled to take place on March 28th at 9:30 am Eastern Time (9:30 pm Taiwan time). SBF’s defense team submitted a sentencing memorandum last month, urging Judge Lewis Kaplan to impose a lighter sentence of no more than 6.5 years.
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