Federal prosecutors recommended FTX founder Sam Bankman-Fried receive a prison sentence of 40 to 50 years Friday.
Bankman-Fried, 31, was criminally convicted of seven counts, including wire fraud, securities fraud, and money laundering, amid his handling of a cryptocurrency exchange and hedge fund. His convictions added up to a possible 110 years in prison.
“His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money. And even now Bankman-Fried refuses to admit what he did was wrong,” the sentencing recommendation read.
During his two-week trial, Bankman-Fried alleged he had no knowledge of the misappropriation of customer funds until months before his company’s collapse. Over $8 billion was misappropriated by the company, which was once valued at $32 million.
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Already, Bankman-Fried avoided charges of conspiracy to bribe foreign officials, conspiracy to commit bank fraud, conspiracy to operate an unlicensed money-transmitting business, substantive securities fraud, and commodities fraud when the Department of Justice declined to prosecute him. Bankman-Fried, along with allies, paid some $50 million in donations to private political groups, where politicians on both sides of the aisle benefited.
Bankman-Fried’s sentencing is slated for March 28. He still has the option to appeal his conviction after he is sentenced.
