Prosecutors in the case against FTX founder Sam Bankman-Fried believe he deserves at least 40 to 50 years in prison. He has already been found guilty of stealing $8 billion from his clients, but the judge's verdict is yet to come.
“Over the past few years, his life has been one of unparalleled greed and hubris, the repeated pursuit of risks and gambling with other people's money,” federal prosecutors wrote, according to the Reuters news agency. The lawyers also resent the fact that the former CEO still denies guilt.
Bankman-Fried's lawyers, on the other hand, say that a prison sentence of five years and three months to six and a half years would be appropriate. They say FTX customers would get most of their money back and emphasize that the FTX founder never intended to steal the money.
Bankman-Fried was found guilty of fraud and conspiracy. The FTX founder stole $8 billion from his customers and channeled that money to his investment fund Alameda Research. When this came to light, Bankman-Fried decided to sell FTX-linked tokens in November 2022. A month later, Bankman-Fried was arrested in the Bahamas.
The judge's ruling will be announced on March 28. It can impose a maximum prison sentence of 110 years on the former CEO.