Sam Bankman-Fried Should Get 40 to 50 Years in Prison, Prosecutors Say

Sam Bankman-Fried Should Get 40 to 50 Years in Prison, Prosecutors Say

Within the sentencing submission, prosecutors included a number of pages of buyer messages despatched to Mr. Bankman-Fried on X, previously Twitter, on the time of FTX’s collapse. In most of the posts, prospects expressed anger at not getting access to their accounts.

Marc Mukasey, the lawyer Mr. Bankman-Fried employed to organize for the sentencing, argued in his authorized submitting that the 100-year sentence really useful by the probation division can be paying homage to the 150 years given to Bernard Madoff, who pleaded responsible in 2009 to working one of many greatest Ponzi schemes in historical past. Any comparisons between the 2 males are inappropriate, Mr. Mukasey mentioned, given “the period and {dollars}” concerned in Mr. Madoff’s crimes — a 20-year-long fraud that generated $64 billion in paper losses.

The probation division’s suggestion was “barbaric” and “grotesque,” he mentioned.

Mr. Mukasey additionally identified that it took a court-appointed trustee greater than 15 years to return roughly $14 billion to Mr. Madoff’s traders. In contrast, the chapter attorneys overseeing FTX’s unwinding have prompt that prospects of Mr. Bankman-Fried’s failed trade are more likely to get again all of their cash on a comparatively quick timeline.

Prosecutors mentioned of their submitting that even when prospects of FTX obtained most of their a refund, they might have needed to anticipate greater than two years for that to occur. Prosecutors mentioned that “is of little consolation for these victims who wanted the cash in November 2022.”

Within the submitting, prosecutors requested Decide Kaplan to additionally order Mr. Bankman-Fried to forfeit greater than $10 billion, which represents the losses and stolen cash from his crime. Given the hundreds of thousands of potential victims and the complexity of calculating losses, prosecutors mentioned any cash turned over by Mr. Bankman-Fried might be distributed within the FTX chapter.

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