NASSAU, BAHAMAS — US prosecutors are urging a federal judge to impose a 40-50-year prison sentence on Sam Bankman-Fried, the disgraced founder and former CEO of FTX, following his conviction on fraud and conspiracy charges linked to the collapse of the once-prominent cryptocurrency exchange.

In a sentencing memo filed by the Department of Justice's Southern District of New York office, prosecutors note that Bankman-Fried deceived investors, circulated falsified documents, and illicitly funneled millions into political donations.

Prosecutors have emphasized the necessity of a substantial punishment, citing the gravity of the fraud and its extensive impact on thousands of victims. They advocate for a sentence that reflects the severity of the harm caused and serves as a deterrent against future financial misconduct. Additionally, they recommend a penalty exceeding $11 billion and forfeiture of assets to address the magnitude of the wrongdoing.

Bankman-Fried's sentencing, marked by the government's push for a significant prison term and substantial financial penalties, underscores the gravity of the charges and the legal ramifications he faces for his role in the historic fraud.

FTX was headquartered in The Bahamas before its collapse. Bankman-Fried was arrested and extradited from The Bahamas in December 2022. Sam Bankman-Fried, the founder of FTX, was found guilty of defrauding customers and lenders last year. Bankman-Fried, who co-founded the digital currency exchange FTX, has been charged with seven counts of wire fraud, securities fraud, and money laundering. These charges stemmed from his alleged actions that swindled FTX customers and lenders to its affiliated hedge fund, Alameda Research.

Click here to read more on the Eye Witness News website