Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
U.S. prosecutors urged a federal judge to sentence Sam Bankman-Fried to 40-50 years in prison and $11 billion in fines and forfeiture.
U.S. prosecutors recommended that a federal judge sentence FTX founder and former CEO Sam Bankman-Fried to 40-50 years in prison for his conviction on fraud and conspiracy charges tied to the collapse of what was once one of the world's largest crypto exchanges. "Bankman-Fried is deserving of a severe sanction, proportionate to his role in this historic fraud," the prosecutors said."The government urges the court to impose a sentence that underscores the remarkably serious nature of the harm to thousands of victims; prevents the defendant from ever again committing fraud; and sends a powerful signal to others who might be tempted to engage in financial misconduct that the consequences will be severe.
The prosecutors included a list of sentences for defendants who'd cost victims more than $100 million in a Ponzi scheme or other kinds of misappropriation, leading off with Bernie Madoff, who was tied to $13 billion in losses and was given a 150-year sentence.details where the funds would come from, including deposits in U.S. bank accounts that the government has seized, funds in a number of Binance and Binance.US accounts and proceeds from the sale of Robinhood shares.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sam Bankman-Fried asks for lenient sentence, points to FTX fund recoveryFTX founder Sam Bankman-Fried's lawyer on Tuesday requested that a judge give a lenient sentence, arguing that FTX's clients would have most of their funds returned.
Read more »
Prosecutors Ask Judge to Sentence FTX Founder Sam Bankman-Fried to 40-50 YearsAttorneys for Bankman-Fried, meanwhile, say he should get no more than six-and-a-half years behind bars for stealing $8 billion from his customers.
Read more »
Sam Bankman-Fried should serve at least 40 years behind bars, prosecutors sayDavid K. Li is a senior breaking news reporter for NBC News Digital.
Read more »
Sam Bankman-Fried Floated 'Coming Out' as a Republican on Tucker Carlson After FTX CollapseSBF's brainstorming notes included lines like 'Come out against the woke agenda.'
Read more »
The 6 Reasons Prosecutors Want Sam Bankman-Fried to Spend 40-50 Years in Prison'The pressure and hopelessness of our predicament led me to entertain thoughts of suicide,' one FTX user wrote.
Read more »
Prosecutors recommend a 40- to 50-year sentence for Sam Bankman-Fried.The former crypto billionaire was found guilty on all seven charges he faced in November, and the judge is scheduled to deliver a sentence on March 28th.
Read more »