US prosecutors need former FTX CEO Sam Bankman-Fried to face 40 to 50 years in jail, a brand new courtroom submitting revealed Friday.

The previous govt is ready to face sentencing by Choose Lewis Kaplan of the Southern District of New York later this month. 

The federal government, in its sentencing memorandum, wrote that Bankman-Fried “was convicted of orchestrating one of many largest monetary frauds in historical past.” Due to his “willful” function, the federal government’s attorneys stated he deserves a “extreme sanction, proportionate to his function on this historic fraud.”

Nonetheless, prosecutors don’t imagine that Bankman-Fried ought to face the rules sentence, which might put him behind bars for over 100 years. 

“The Authorities urges the Court docket 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 robust sign to others who is perhaps tempted to interact in monetary misconduct that the implications shall be extreme. A sentence of 40 to 50 years is important to serve such functions,” the submitting continues. 

Prosecutors, within the 116-page doc, cited a number of victims who described the severity of losses they confronted following the collapse of FTX. Additionally they introduced up the establishments that have been impacted by the implosion of the previous crypto change, together with BlockFi. Former CEO Zac Prince additionally testified in entrance of the courtroom at Bankman-Fried’s November trial.

The submitting seems at a couple of monetary crimes convictions, together with Bernie Madoffs. Prosecutors argued {that a} shorter sentence may enable Bankman-Fried to commit fraud once more as soon as he’s launched. 

“And a shorter sentence due to his age additionally undermines normal deterrence, because it may sign to can be younger fraudsters that it’s worthwhile to aim a large fraud, as a result of both they’ll get away with it, or the jail sentence will enable them a second likelihood to generate profits,” the submitting stated.

Prosecutors additionally argued for a cash judgment of greater than $11 billion, claiming that the sum was “conservative.” The federal government “has already seized over a billion {dollars} in property,” the submitting stated.

Bankman-Fried’s attorneys, family and friends argued for a shorter sentence, proposing as an alternative that he be sentenced to between 63 and 78 months in jail.

Learn extra: Bankman-Fried’s authorized staff argues for leniency, citing philanthropy and character 

“Sam just isn’t the ‘evil genius’ depicted within the media or the grasping villain described at trial. He’s a 31-year-old son, brother, pal, humanitarian and philanthropist,” the protection’s memo argued.

Don’t miss the subsequent large story – be part of our free each day publication.

Supply hyperlink