Sam Bankman-Fried is expected to spend 40 to 50 years in prison after being convicted of stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday.
He was found guilty on all charges related to the collapse of his cryptocurrency exchange in the first of two criminal trials against the former CEO in November.
The Manhattan Federal Court agreed with prosecutors that Bankman-Fried defrauded investors, customers and lenders during the collapse of his crypto platform.
“Even now, Bankman-Fried refuses to admit what he did was wrong,” prosecutors wrote in a sentencing memorandum.
“His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money.” They continued.
Spokesman for the convicted billionaire, Mark Botnick, declined to comment.
Bankman-Fried’s lawyers told U.S. District Judge Lewis Kaplan a 5¼- to 6½-year prison term would be appropriate.
According to them, FTX clients would get most of their money back, insisting that Bankman-Fried did not set out to steal.
Judge Kaplan is scheduled to sentence Bankman-Fried March 28 in Manhattan federal court.
Bankman-Fried plans to appeal his conviction and sentence.
Chinedum Anayo