New York CNN —Federal prosecutors are calling for onetime crypto billionaire Sam Bankman-Fried to be sentenced to 40-50 years in prison for stealing billions of dollars from customers and defrauding investors in his now-bankrupt crypto exchange, FTX.
Bankman-Fried, who turned 32 this month, was convicted in November of stealing more than $8 billion and engaging his employees in a yearslong coverup, in what prosecutors have called one of the largest financial frauds in history.
“The enormous scale of the fraud at FTX is measured not just by the amount of money that was stolen,” prosecutors said in a filing in Manhattan federal court on Friday.
Under federal sentencing guidelines, Bankman-Fried could face a maximum sentence of 110 years.
Bankman-Fried’s lawyer, Marc Mukasey, told CNN on Friday the defense would have a response “early next week.”
Persons:
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