Updated: March 15, 2024, 3:22 PM EDT
U.S. prosecutors have asked a court to imprison former FTX CEO Sam Bankman-Fried for up to 50 years, according to a memo filed Friday.
Bankman-Fried, who is scheduled to be sentenced March 28, faces 40 to 50 years in prison, according to a memo signed by Damian Williams, U.S. Attorney for the Southern District of New York.
“All the advantages of a comfortable upbringing, an MIT education, an honorable start in finance, and a valuable idea for a startup company allowed Bankman-Fried to pursue the rewarding, productive, and altruistic life she sketched out for herself,” the prosecutor said. Commenting on the sentence, he said: “But his life of late has been one of unrivaled greed and arrogance, ambition and rationalization, risk-seeking and repeated gambling with other people’s money. And even now, Bankman-Fried says, he refuses to admit that what he did was wrong.”
Bankman-Fried’s lawyers had requested a prison sentence of 63 to 78 months for the former executive, according to a February court filing. Last month Bankman-Fried’s family sent a letter to the court stating: concern They heard that their son was in prison.
Bankman-Fried was found guilty by a New York jury last November on all seven criminal counts for defrauding FTX’s customers, lenders and investors.
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Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.