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The prosecutors in the fraud case against the former CEO of the now-defunct FTX exchange, Sam Bankman-Fried (SBF), have now suggested a jail sentence to the court. This development comes as the sentencing of the former crypto billionaire is slated for later this month.
Prosecutors Says Sam Bankman-Fried Deserves 50 Years In Prison
According to a memorandum submitted on Friday, March 15, to Judge Lewis Kaplan, the prosecutors are proposing a sentence of between 40 to 50 years for Bankman-Fried. The FTX founder faces up to 100 years in prison after he was found guilty of all the seven fraud charges leveled against him.
The lawyers mentioned that SBF masterminded one of the largest fraudulent schemes in recent years, repeatedly comparing his actions to those of Bernie Madoff. Madoff was an American financier who allegedly ran the largest known Ponzi scheme in history, worth an estimated $65 billion.
Considering the magnitude and duration of Sam Bankman-Fried’s financial misdeeds, the prosecutors believe a sentence of 40 to 50 years is “sufficiently severe” to deter others from committing such crimes. “And that will permit the defendant to return to liberty only after society can be assured that he will not have the opportunity to turn back to fraud and deceit,” they added.
The government’s attorneys also emphasized in the 116-page court document how remorseless the former FTX boss has been about his fraudulent activities. “Even now Bankman-Fried refuses to admit what he did wrong,” a part of the memorandum read.
Interestingly, Sam Bankman-Fried’s legal counsel proposed to the court that the defendant get a sentence between five years and six and a half years. According to the lawyers, the purpose of a jail term in SBF’s case should be rehabilitation and not punishment.
Another Exchange In The Works?
The prosecutors revealed to the court in their sentencing memorandum that Sam Bankman-Fried could launch a new cryptocurrency exchange, saying he had weighed starting an exchange called “Archangel LTD.”
According to the lawyers, the former FTX CEO also considered different options to launder his image. Amongst the cited options were media and PR stunts, like “focus on the fact that the Chapter 11 team has no idea how to run FTX,” push a “pro crypto, pro freedom” agenda, or “go on Tucker Carlsen.”
Ultimately, the prosecutors concluded that Sam Bankman-Fried is deserving of a “severe sanction, proportionate to his role in this historic fraud.” A sentence of 40 to 50 years is believed to be the right perfect judgment in this case.
The total cryptocurrency market capitalization at $2.55 trillion on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from OpenSecrets, chart from TradingView
