New York prosecutors asked the court on Friday to impose a sentence Cryptocurrency Fraudster Sam Bankman-Fried Sentenced to 40 to 50 years in prison for defrauding cryptocurrency investors and squeezing billions from his company FTX and Alameda Research. FTX collapsed in 2022, turning an ambitious company once valued at $32 billion into a worthless shell. It’s just a matter of a few days.
SBF found guilty November 2023 Seven counts, including fraud and conspiracy. In new documents filed Friday in U.S. District Court in Manhattan, prosecutors laid out a series of reasons why they believe the former billionaire should be sentenced to life in prison.
“The losses amounted to at least $10 billion, making this case one of the largest financial frauds ever committed,” prosecutors wrote. “In fact, since the indictment of Bernie Madoff, more Needless to say, there does not appear to have been a case of fraud of this magnitude – measured in losses – being prosecuted in this area.”
New court documents explain why SBF deserves such a harsh prison sentence:
- “His losses totaled more than $10 billion to tens of thousands of victims around the world, and each of Defendant’s fraudulent acts alone (against customers, investors and lenders) exceeded the maximum limit in the schedule of losses. . [sentencing] Guidelines. “
- “These crimes were ongoing, complex and involved systemic deception over many years.”
- “The losses suffered by the victims were severe, life-changing and had significant collateral consequences for them.”
- “The defendant’s criminal conduct was pervasive, as reflected not only in the offenses for which he was convicted, but also in several other significant crimes he committed while operating FTX.”
- “It appears from his witness tampering and perjury that the defendant did not cease his criminal behavior after his arrest.”
- “The defendant has never admitted responsibility for his crimes. Every element of the defendant’s criminal conduct relates to the seriousness of the crime and warrants a very severe sentence.”
Prosecutors also included dozens of messages from victims who lost huge sums of money as a result of fraud perpetrated by SBF. The comments were heartbreaking, to say the least, but also helped put a human face on the 32-year-old vandal’s face of the disaster. so called genius boy released in such a short period of time.
“The financial loss we have suffered has been tremendous – not just in terms of money, but in terms of the stability it has provided our family,” a statement from the victims read. “We were on the verge of losing our home and struggling to pay off the mortgage and keep our children afloat. The psychological stress this situation caused cannot be overstated. My relationship with my spouse suffered, causing tension that we still have to this day. Trying to overcome it.”
Victims also noted the psychological toll the FTX crash took, leading some to have suicidal thoughts.
“The stress and despair of my predicament led me to suicidal thoughts, and this was the darkest period of my life. This ordeal was more than just a financial setback; it was a threat to the foundation of my family and my own existence. ,” one victim explained in court documents.
According to reports, the judge in charge of the case, Lewis A. Kaplan (Lewis A. Kaplan), will decide what sentence to impose at a hearing scheduled for March 28. New York Times.