For the $8bn funds stolen from defunct FTX customers, prosecutors says Sam Bankman-Fried should spend up to 40 and 50 years in prison after his conviction.
It can be recalled that a jury found Sam guilty of a 7 count charge bordering fraud and conspiracy. Prosecutors in Manhattan say residents of war-torn and unstable countries describing customers as “thousands of everyday people” had entrusted their lives into FTX
The son of Stanford law school professors was said by prosecutors to face a harsh sentence while pointing to his privileged growth into his parents influence and his career at Wall Street.
“He knew what society deemed illegal and unethical, but disregarded that based on a pernicious megalomania guided by the defendant’s own values and sense of superiority,” they said.
The former billionaire’s lawyer, Marc Mukasey pleaded before the court presided by District Judge, Lewis Kaplan that a 5-1/4 to 6-1/2 year jail term would be fair. As he also assured FTX clients would get most of their funds back and that Sam did not intend to steal.
Although, during his trial, three former close associates testified that Bankman-Fried directed them to loot FTX customer funds to plug losses at his Alameda Research hedge fund, while portraying himself publicly as a responsible steward in the volatile cryptocurrency market.
This was also confirmed from prosecutors investigation as they said he used customers funds to by himself luxury real estate in the Bahamas and also donate to U.S politicians who may support the cryptocurrency ecosystem friendly regulations.