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Sam Bankman-Fried Deserves 50 Years In Jail: DOJ
In line with a memo filed by the U.S. Division of Justice’s Southern District of New York on March 15, Sam Bankman-Fried needs to be locked up for 40-50 years.
The disgraced crypto mogul was found guilty of seven totally different counts of fraud and conspiracy final November following the implosion of FTX in late 2022. He faces over 100 years behind bars for his crimes.
The prosecutors famous that SBF and associates stole billions of {dollars} price of buyer cash from FTX through the Alameda Analysis buying and selling agency, FTX’s sister firm. The DOJ believes the previous crypto exec orchestrated “probably the biggest fraud within the final decade”, repeatedly evaluating him to Bernie Madoff — the notorious New York financier who ran the largest recognized Ponzi scheme in historical past.
Furthermore, Bankman-Fried reportedly “lied to traders”, shared faux paperwork, and “pumped tens of millions of {dollars} in unlawful donations into our political system.” The previous FTX chief understood the legislation however determined it didn’t apply to him “based mostly on a pernicious megalomania guided by the defendant’s personal values and sense of superiority,” prosecutors stated within the memorandum.
 
Sam Bankman-Fried pleaded not responsible to all expenses levied towards him. In a memo final month, his authorized group urged the courtroom for a most sentence of six and a half years.
Nonetheless, prosecutors have additionally beneficial an $11 billion penalty and asset forfeiture for the previous FTX boss, on prime of the 50-year jail sentence.
“The federal government urges the courtroom to impose a sentence that underscores the remarkably severe nature of the hurt to 1000’s of victims; prevents the defendant from ever once more committing fraud; and sends a strong sign to others who may be tempted to have interaction in monetary misconduct that the results will probably be extreme,” prosecutors stated.
Within the 116-page courtroom doc, the DOJ identified how unsympathetic he has been about his fraudulent actions. “Even now Bankman-Fried refuses to confess what he did flawed,” part of the memo reads.
One other Bankman-Fried Alternate Underway?
Prosecutors additionally indicated that Bankman-Fried may debut one other digital asset change, telling the courtroom that he had mulled calling the change “Archangel LTD”.
The beleaguered FTX chief thought-about numerous methods to salvage his tainted picture, comparable to “concentrate on the truth that the chapter 11 group has no concept the right way to run FTX” and is “run by a cartel of attorneys,” “come out as extraordinarily pro-crypto, pro-freedom,” “go on Tucker Carlsen [sic], come out as a Republican,” “have Michael Lewis interview me,” and “radical honesty on Twitter.”
In the end, the DOJ concluded that the sheer magnitude of the loss on this case “places Bankman-Fried in a class of defendants the place sentences of forty years or extra is acceptable.”
82. That’s how previous SBF can be after finishing a 50-year jail time period.
