FTX founder Sam Bankman-Fried is due to be sentenced in New York federal court on Thursday for a massive fraud conspiracy that led to the collapse of his cryptocurrency exchange and a related hedge fund.
Federal prosecutors want to sentence Bankman-Fried to a prison sentence of between 40 and 50 years. His defense team asked Manhattan federal Judge Lewis Kaplan to give him a much shorter sentence, between five and six and a half years in prison.
Kaplan presided over the trial that ended in November when a jury found Bankman-Fried, 32, guilty on seven counts and found him responsible for the roughly $10 billion in customer deposits lost in 2022.
The charges included wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders to sister hedge fund Alameda Research; Conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors; and conspiracy to commit money laundering.
Former FTX CEO and founder Sam Bankman-Fried's mother, Barbara Fried (l), and his father, Joseph Bankman, arrive at Manhattan Federal Court on March 28, 2024, for his sentencing in Manhattan Federal Court to announce in New York City.
Timothy A. Clary | Afp | Getty Images
Comments are closed.