Sam Bankman-Fried Is Facing A Billion-Dollar Fine From The U.s. Securities And Exchange Commission (Sec).

FTX cryptocurrency exchange founder Sam Bankman-Fried is facing billions of dollars in fines and long years of imprisonment.

Former CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, is facing up to 50 years in prison on fraud charges. Prosecutors presented a 116-page document detailing Bankman-Fried's actions, including illegal political donations, attempts to bribe Chinese officials, banking frauds, efforts to cover up the crime, and obstructing justice. Bankman-Fried has been criticized for not taking real responsibility for his role in the loss of customer funds. Among the charges are activities compared to significant financial frauds in history, such as Bernie Madoff's. Bankman-Fried was found guilty of seven separate charges on November 2, 2023, but he maintains his innocence against all accusations. His attorney requested a maximum sentence of six and a half years in prison for his client.

Prosecutors stated that a 40 to 50-year prison sentence would allow for the defendant's release "after society is assured that there is no risk of the defendant returning to fraud and deceit," but still "reflect the seriousness of the defendant's crimes." Additionally, they are seeking an $11 billion compensation against the defendant.

Judge Kaplan is not obligated to follow the recommendations presented in the government's memorandum. The decision will be announced on March 28.

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