FTX founder Sam Bankman-Fried (SBF), the bankrupt cryptocurrency exchange, will be officially sentenced on the 28th. The US prosecutor has recommended a prison sentence of 40 to 50 years, but SBF’s lawyer responded on Tuesday that a prison term of up to 50 years distorts reality, and the prosecutor’s request is clearly intended to let SBF die in prison.
Background:
On the eve of SBF’s trial: Prosecutor requests 50-year imprisonment to deter similar frauds like FTX.
FTX founder Sam Bankman-Fried (SBF), the bankrupt cryptocurrency exchange, was found guilty of all seven charges, including fraud and money laundering, by a jury last November. He will be officially sentenced on the 28th of this month.
In the sentencing memorandum submitted to the Southern District Court of New York on the 15th, US prosecutor Damian Williams requested a prison sentence of 40 to 50 years for SBF, accusing him of causing harm to over a million people and leading to the collapse of FTX, resulting in losses of over 10 billion US dollars.
SBF’s defense lawyer counterattacks. However, according to Bloomberg’s report, SBF responded to the court on Tuesday, stating that the US prosecutor’s recommendation of a sentence of up to 50 years “distorts reality” and he is unhappy with being portrayed as a “fallen super villain.” His defense lawyer described the prosecution’s claims as “unsettling” and accused the US government of wanting to destroy this 32-year-old man.
Previously, the prosecutor told the judge that SBF showed “unparalleled greed and arrogance” and violated the law due to “a sense of superiority driven by his own values.” Although the prosecutor’s recommended sentence is far below the 100-year sentence suggested by the US sentencing guidelines, it is still much higher than the 6 and a half years suggested by SBF’s lawyer.
Victims complain about the serious harm caused by FTX’s closure. Prior to SBF’s 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 come from all over the world and describe in their letters the FTX assets they hold and the impact of FTX’s bankruptcy on their lives.
These victims stated that the collapse of FTX in 2022 “took away their financial security,” causing emotional harm and “creating a sense of insecurity and distrust in the financial system.” Several victims stated that they became unemployed due to health issues and questioned whether they would be able to recover 100% of their FTX assets because FTX intends to compensate based on the asset value at the time of the November 2022 bankruptcy, rather than the current asset value.
Extended reading:
FTX full compensation can be achieved! Court approves sale of AI startup Anthropic’s stake worth $1.4 billion.
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