Sam Bankman-Fried Faces Up to 50 Years Behind Bars, Federal Recommendations Reveal

Sam Bankman-Fried Faces Up to 50 Years Behind Bars, Federal Recommendations Reveal

Sam Bankman-Fried should serve between 40 and 50 years in jail, according to federal prosecutors’ recommendation.

According to a sentencing memo on Friday, federal prosecutors are requesting that Sam Bankman-Fried, the notorious cofounder of the defunct cryptocurrency exchange FTX, receive a sentence of 40 to 50 years in prison.

The lawyers representing Bankman-Fried contended in a different court filing last month that because of his autistic spectrum condition, he ought to serve a maximum of 6 1/2 years in prison.

Attorneys for Bankman-Fried said that their client “presents at times as a paradox,” citing his “neurodiversity” as a factor in how he is viewed. Supporting letters from Bankman-Fried’s parents and psychiatrist were included with the message.

Prior to his arrest in November 2022, Joseph Bankman and Barbara Fried, Stanford Law School instructors, stated that their son did not find material wealth interesting.

Their son had been working diligently to reimburse clients in the month after FTX’s bankruptcy. The memo stated that Bankman-truly, deeply sorry for “the pain he caused over the last two years.” “After FTX collapsed, his only concern was making customers whole.”

The story of Bankman-Fried’s crypto empire’s rise and fall has garnered global interest.

Before the walls collapsed during a wider crypto collapse in 2022, the disgraced billionaire controlled an exchange situated in the Bahamas that drew top venture capitalists and celebrities. FTX had previously starred Super Bowl advertisements and boasted a valuation north of $30 billion.

Bankman-Fried is being held at Brooklyn’s Metropolitan Detention Center until punishment.

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