- US prosecutors are asking for a 40 to 50-year jail term for ex-FTX CEO Sam Bankman-Fried
- The reason for the proposed long jail term is to make him an example for others, considering the serious nature of the fraud he committed
- Bankman-Fried’s attorneys are demanding a lower jail term of five to six years
- Sam Bankman-Fried will stand before a Manhattan court on March 28 for his sentencing
US prosecutors have asked for a significant jail term of 40 to 50 years for SBF (Sam Bankman-Fried), founder of the defunct crypto exchange FTX. A jail term of that magnitude is intended to reflect the gravity of his offence which has adversely affected thousands of victims and should also be a deterrent for potential offenders.
Sam Bankman-Fried to Get 40-50 Years Instead Of A Life Sentence
Bankman-Fried was convicted of seven criminal charges last November, including wire fraud conspiracy, conspiracy to commit money laundering, conspiracy to commit securities fraud, and conspiracy to commit commodities fraud. These criminal offences with their respective counts left the former FTX boss with a maximum sentence of over 100 years in jail.
Following his conviction, SBF’s attorneys argued that the suggested jail term of up to 100 years was a “barbaric proposal”. According to his attorney Marc Mukasey, the client’s medical conditions, show of remorse, service to society, and his being a first-time, non-violent offender, among other reasons, are sufficient considerations for a lower jail term of between five and six and half years.
However, the new letter by US attorney Damian Williams to raise SBF’s prison sentence to at least 40 to 50 years might significantly reduce his chances of a favorable sentence. According to the letter, “Bankman-Fried is deserving of a severe sanction proportionate to his role in this historic fraud” and should spend up to half a century behind bars.
SBF’s Jail Sentence Aimed at Preventing Similar Offenses
SBF fraud case, which involved up to $10 billion of investors’ and customers’ funds is very interesting because it sets the precedent for similar cases. Despite his lawyers’ pleas, there’s still a lot of pressure on the court to make his case an example for anyone who might want to engage in such a criminal venture in the future.
The letter from Attorney Williams from the US government asks the court to “impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims.” In addition, the government is hoping the long sentence should prevent the defendant from ever again engaging in fraud.
And most importantly, the government believes that the sentence “sends a powerful signal to others who might be tempted to engage in financial misconduct that the consequences will be severe.” This signal needs to be powerful enough and only “a sentence of 40 to 50 years is necessary to serve such purposes” says the letter.
SBF has maintained his innocence throughout the legal process. His legal team, while hunting for a lenient sentence of between five to six and half years, has already filed a memo stating how “deeply, deeply sorry” their client is for the pain he’s caused people. The 32-year-old former FTX chief executive will stand before Federal Judge Lewis Kaplan on March 28 for his sentencing.