UNITED STATES NEWS

Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud

Mar 15, 2024, 11:51 AM

NEW YORK (AP) — Federal prosecutors asked a New York judge on Friday to sentence FTX founder Sam Bankman-Fried to between 40 and 50 years in prison for cryptocurrency crimes they described as a “historic fraud.”

Prosecutors made the request as they submitted their presentence recommendations to a federal judge who will sentence a man who at one time dazzled the cryptocurrency world with his promotional skills, including his access to famous people willing to promote his businesses.

Bankman-Fried, 32, is scheduled to be sentenced in Manhattan federal court on March 28 for his November conviction on fraud and conspiracy charges.

Prosecutors say he cost customers and investors in FTX and its related companies at least $10 billion from 2017 through 2022.

He was extradited to the United States in December 2022 from the Bahamas after his companies collapsed a month earlier. Originally permitted to remain at home with his parents in Palo Alto, California, he was jailed last year weeks before his trial after Judge Lewis A. Kaplan concluded that he had tried to tamper with trial witnesses.

In their presentence submission, prosecutors described Bankman-Fried’s crimes as “one of the largest financial frauds in history, and what is likely the largest fraud in the last decade.”

“The defendant victimized tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence,” they wrote.

They said his “unlawful political donations to over 300 politicians and political action groups, amounting to in excess of $100 million, is believed to be the largest-ever campaign finance offense.”

And they said his $150 million in bribes to Chinese government officials was one of the single largest by an individual.

“Even following FTX’s bankruptcy and his subsequent arrest, Bankman-Fried shirked responsibility, deflected blame to market events and other individuals, attempted to tamper with witnesses, and lied repeatedly under oath,” prosecutors said, citing his testimony at trial.

Two weeks ago, Bankman-Fried’s lawyers attacked a probation office recommendation that their client serve 100 years in prison, saying a sentence of that length would be “grotesque” and “barbaric.”

They urged the judge to sentence Bankman-Fried to just a few years behind bars after calculating federal sentencing guidelines to recommend a term of five to 6 1/2 years in prison.

“Sam is not the ‘evil genius’ depicted in the media or the greedy villain described at trial,” his lawyers wrote. “Sam is a 31-year-old, first-time, non-violent offender, who was joined in the conduct at issue by at least four other culpable individuals, in a matter where victims are poised to recover — were always poised to recover — a hundred cents on the dollar.”

United States News

Associated Press

A jury of his peers: A look at how jury selection will work in Donald Trump’s first criminal trial

NEW YORK (AP) — Donald Trump’s history-making criminal trial is set to start Monday with a simple but extraordinary procedural step that is vital to American democracy. A group of regular citizens — Trump’s peers, in the eyes of the law — will be chosen to decide whether the former president of the United States […]

2 hours ago

Associated Press

Authorities say 4 people are dead after a train collided with a pickup in rural Idaho

BOISE, Idaho (AP) — Four people are dead after the vehicle they were traveling in was struck by a train in rural Idaho Saturday, authorities said. Idaho State Police said the pickup was carrying a 38-year-old man, 36-year-old woman and two children, who were all from Nampa. The vehicle was traveling on a private road […]

5 hours ago

Associated Press

Woman with history of DUIs sentenced to 15 years to life for California crash that killed mom-to-be

SANTA ANA, Calif. (AP) — A Southern California woman with a history of convictions for driving under the influence has been sentenced to 15 years to life in prison for a crash that killed a 23-year-old pregnant woman and left her baby in critical condition. Courtney Pandolfi, 44, pleaded guilty to second degree murder earlier […]

6 hours ago

Associated Press

Utah school board member who questioned a student’s gender loses party nomination for reelection

SALT LAKE CITY (AP) — A conservative Utah State Board of Education member who faced calls to resign after lawmakers said she bullied a student on social media lost her nomination for reelection Saturday. Natalie Cline needed at least 40% of the delegate votes at the Salt Lake County Republican Convention, but she fell short […]

6 hours ago

An Iranian demonstrator chants slogans while attending an anti-Israeli gathering at the Felestin (P...

Associated Press

The Latest | Iran launches its first direct military attack against Israel

Iran launched its first direct military attack against Israel on Saturday, prompting internal discussion among U.S. leaders.

8 hours ago

Hildale, Utah, is pictured sitting at the base of Red Rock Cliff mountains, with its sister city, C...

Associated Press

Guilty plea by leader of polygamous sect near the Arizona-Utah border is at risk of being thrown out

A guilty plea by the leader of an offshoot polygamous sect near the Arizona-Utah border is at risk of being thrown out.

9 hours ago

Sponsored Articles

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud