The prosecutor in the case against convicted fraudster Sam Bankman Fried, founder of cryptocurrency exchange FTX, is asking for a prison sentence of 40 to 50 years.
The 32-year-old was convicted last November of stealing $8 billion from clients and investors at FTX.
According to the ruling, he used the money to make risky investments, purchase luxury residences, engage in a star-studded public relations campaign, and make large donations for political and charitable purposes via the Alameda Research hedge fund. He founded the fund in 2017, two years before the launch of the FTX cryptocurrency exchange.
– During these years, his life was characterized by unparalleled greed and arrogance, and he repeatedly misappropriated other people's money, the Manhattan District Attorney's Office wrote in its lawsuit Friday.
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For their part, Bankman-Fried's lawyers filed a request to sentence him to prison for a period ranging from 5 years, three months, and 6.5 years.
Bankman-Fried was put on trial following the collapse of cryptocurrency exchange FTX in November 2022. In November last year, he was found guilty of a total of seven fraud cases, with sentencing scheduled for March 28.
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