FTX creator Sam Bankman-Fried deals with sentencing Thursday in New York federal court for an enormous scams conspiracy that resulted in the collapse of his cryptocurrency exchange and an associated hedge fund.
Federal district attorneys desire Bankman-Fried sentenced to in between 40 to 50 years in jail. His defense group asked Manhattan federal court Judge Lewis Kaplan to sentence him to much less than that, in between 5 and six-a-half years behind bars.
Kaplan commanded the trial, which ended in November when a jury discovered Bankman-Fried, 32, guilty of 7 counts and held him accountable for the approximately $10 billion of consumer deposits that went missing out on in 2022.
The charges consisted of wire scams and conspiracy to dedicate wire scams versus FTX consumers and versus lending institutions to sis hedge fund Alameda Research; conspiracy to dedicate securities scams and conspiracy to dedicate products scams versus FTX financiers; and conspiracy to dedicate cash laundering.
Manhattan U.S. Attorney Damian Williams has actually stated Bankman-Fried was the mastermind of “one of the biggest financial frauds in American history.”
