March 16 (UPI) — Convicted FTX founder Sam Bankman-Fried should serve between 40 and 50 years in prison, prosecutors in New York contend in their sentencing recommendation.
Federal prosecutors in the Southern District of New York on Friday laid out their reasons in a 116-page filing to U.S. District Judge Lewis Kaplan, calling Bankman-Fried guilty of “orchestrating one of the largest financial frauds in history, and what is likely the largest fraud in the last decade.”
Federal sentencing guidelines call for the recently-turned 32-year-old to serve up to 110 years in prison. Bankman-Fried’s lawyers are arguing for a prison term of 6 1/2 years.
“In view of all of the facts and factors set out above, Bankman-Fried is deserving of a severe sanction, proportionate to his role in this historic fraud,” U.S. Attorney Damian Williams notes in the court filing.
“While a guidelines sentence — which would exceed 100 years, effectively a life sentence — is not necessary, the government urges the court to impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims.”
A jury in November convicted Bankman-Fried of seven counts against him in a trial related to his involvement in the crypto exchange’s downfall, including wire fraud, conspiracy linked to money laundering and securities fraud.
Bankman-Fried has been held in custody since the guilty verdict.
Federal prosecutors in December declined to proceed with a second trial on accusations of making illegal campaign contributions as well as five other federal charges.
“A sentence of 40 to 50 years’ imprisonment — though one that will permit the defendant to return to liberty after society can be assured that he will not have the opportunity to turn back to fraud and deceit — is necessary to reflect the seriousness of the defendant’s crimes,” Williams wrote in the court filing.
Kaplan is scheduled to sentence Bankman-Fried on March 28.
