FTX founder Sam Bankman-Fried faces sentencing Thursday in New York federal court docket for an enormous fraud conspiracy that led to the collapse of his cryptocurrency alternate and a associated hedge fund.
Federal prosecutors need Bankman-Fried sentenced to between 40 to 50 years in jail. His protection workforce requested Manhattan federal court docket 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 led to November when a jury discovered Bankman-Fried, 32, responsible of seven counts and held him accountable for the roughly $10 billion of buyer deposits that went lacking in 2022.
The costs included wire fraud and conspiracy to commit wire fraud towards FTX prospects and towards lenders to sister hedge fund Alameda Analysis; conspiracy to commit securities fraud and conspiracy to commit commodities fraud towards FTX traders; and conspiracy to commit cash laundering.
Manhattan U.S. Legal professional Damian Williams has stated Bankman-Fried was the mastermind of “one of many largest monetary frauds in American historical past.”
