The prosecutors in the fraud case against the former CEO of the now-defunct FTX exchange, Sam Bankman-Fried (SBF), have now suggested a jail sentence to the court. This development comes as the sentencing of the former crypto billionaire is slated for later this month.
Prosecutors Says Sam Bankman-Fried Deserves 50 Years In Prison
According to a memorandum submitted on Friday, March 15, to Judge Lewis Kaplan, the prosecutors are proposing a sentence of between 40 to 50 years for Bankman-Fried. The FTX founder faces up to 100 years in prison after he was found guilty of all the seven fraud charges leveled against him.
The lawyers mentioned that SBF masterminded one of the largest fraudulent schemes in recent years, repeatedly comparing his actions to those of Bernie Madoff. Madoff was an American financier who allegedly ran the largest known Ponzi scheme in history, worth an estimated $65 billion.
Considering the magnitude and duration of Sam Bankman-Fried’s financial
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