FTX founder Sam Bankman-Fried's orchestration of one of history's largest financial frauds in his quest to dominate the cryptocurrency world deserves a prison sentence of 40 to 50 years, federal prosecutors on Friday told a federal judge.
Prosecutors made the recommendation in papers filed in Manhattan federal court in advance of a March 28 sentencing, where a judge will also consider a 100-year prison sentence recommended by the court's probation officers and a request by defence lawyers for leniency and a term of imprisonment not to exceed single digits.
Bankman-Fried, 32, was convicted in November on fraud and conspiracy charges after his dramatic fall from a year earlier when he and his companies seemed to be riding a crest of success that had resulted in a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and comedian Larry David.
Some of his biggest successes, though, resulted from stealing at least USD 10 billion from investors and customers between 2017 and 2022 to buy luxury real estate, make risky investments, dispense outsized charitable donations and political contributions and to buy praise from celebrities, prosecutors said.
바카라His life in recent years has been one of unmatched greed and hubris; of ambition and rationalisation; and courting risk and gambling repeatedly with other people's money. And even now Bankman-Fried refuses to admit what he did was wrong,바카라 prosecutors wrote.
바카라Having set himself on the goal of amassing endless wealth and unlimited power 바카라 to the point that he thought he might become President and the world's first trillionaire 바카라 there was little Bankman-Fried did not do to achieve it,바카라 prosecutors said.
They said crimes reflecting a 바카라brazen disrespect for the rule of law" had depleted the retirement funds and nest eggs of people who could least afford to lose money, including some in war-torn or financially insecure countries, and had harmed others who sought to 바카라break generational poverty바카라 only to be left 바카라devastated바카라 and 바카라heartbroken바카라.
바카라He knew what society deemed illegal and unethical, but disregarded that based on a pernicious megalomania guided by the defendant's own values and sense of superiority,바카라 prosecutors said.
Bankman-Fried 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 바카라one of the largest financial frauds in history, and what is likely the largest fraud in the last decade바카라.
바카라The 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,바카라 they wrote.
They said his 바카라unlawful political donations to over 300 politicians and political action groups, amounting to in excess of USD 100 million, is believed to be the largest-ever campaign finance offense바카라.
And they said his USD 150 million in bribes to Chinese government officials was one of the single largest by an individual.
바카라Even 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,바카라 prosecutors said, citing his trial testimony.
Two weeks ago, Bankman-Fried attorney Marc Mukasey attacked a probation office recommendation that their client serve 100 years in prison, saying a sentence of that length would be 바카라grotesque바카라 and 바카라barbaric바카라.
He 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.
바카라Sam is not the evil genius' depicted in the media or the greedy villain described at trial,바카라 Mukasey said, calling his client a "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 바카라 were always poised to recover 바카라 a hundred cents on the dollar.바카라
Mukasey said he will respond to the prosecutors' claims in a filing next week.
