2024-03-15 22:01:17
The founder and former boss of the cryptocurrency platform FTX will receive his sentence on March 28 and faces up to 110 years in prison.
The federal prosecutor in Manhattan is seeking 40 to 50 years in prison against former cryptocurrency tycoon Sam Bankman-Fried, convicted in November of fraud valued at eight billion dollars, according to documents Friday from the American justice system. Tried last November by the New York federal criminal court, the founder and former boss of the cryptocurrency platform FTX will receive his sentence on March 28 and faces up to 110 years in prison.
“A prison sentence of 40 to 50 years (…) is necessary to illustrate the seriousness of the accused’s crimes”, wrote Damian Williams’ attorney in his memorandum of more than 110 pages, made public Friday. The lawyers of Sam Bankman-Fried (SBF) had called, a few days ago, for a reduced sentence of six years in prison. But for prosecutor Williams, the young financier committed one of the biggest financial frauds in American history, a multi-billion dollar scheme supposedly “make him the king of cryptos”.
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Guilty on all seven counts
Founder and boss of the cryptocurrency trading platform FTX, SBF was found guilty of all seven charges brought against him for having misappropriated several billion dollars of customer deposits without their authorization. A second trial was initially scheduled to begin last Monday and cover five other charges, including conspiracy to corrupt a foreign agent and make donations to politicians.
They had been excluded from the first trial because they did not appear in the agreement reached with the Bahamian authorities to proceed with the extradition of Sam Bankman-Fried, in December 2022. But Damian Williams ended up giving up, at the end of December, a second trial. The prosecutor then indicated that the Bahamas had still not given the green light and that the American authorities were aiming for a “quick resolution of the case” SBF. Sam Bankman-Fried was accused of authorizing the payment of approximately $150 million in bribes to Chinese officials to unlock FTX’s assets in China. He was also accused of having used the money of FTX clients to make donations to political candidates, notably Joe Biden.
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