FTX Founder Sentenced to 50 Years in Prison
On the 15th, federal prosecutors in the United States stated that Sam Bankman-Fried, the CEO of the bankrupt cryptocurrency exchange FTX, committed what could be considered "one of the largest financial frauds in American history" and should be sentenced to up to 50 years in prison. "His life has been filled with greed and arrogance, and even now, he refuses to admit his mistakes."
According to Bloomberg and Reuters, federal prosecutors in Manhattan stated in a court filing on the 15th that the "historic" crimes of the 32-year-old Bankman-Fried involved over a million victims and more than $10 billion in losses. They argued that a sentence of 40 to 50 years was necessary and stated that the defendant showed "a profound disrespect for the law in all aspects of his business dealings and flouted the law."
Prosecutors also requested the seizure of Bankman-Fried's $11 billion in assets to compensate FTX investors and the backers of his other cryptocurrency exchange, Alameda Research. They pointed out that Bankman-Fried had illegally donated over $100 million to more than 300 politicians and advocacy groups, making it the largest campaign finance crime in history. Additionally, he allegedly bribed Chinese government officials with $150 million, breaking the record for the largest individual bribery amount.
Due to the significant disparity in sentencing proposed by prosecutors and the defendant's lawyers, this case is poised to become a landmark example in cryptocurrency fraud. Judge Lewis Kaplan of the New York federal court is scheduled to deliver the verdict on the 28th of this month at the Manhattan federal court, and Fried plans to appeal.
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