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Seeking Alpha 2024-03-28 09:25:15

Sam Bankman-Fried set to find out how much time he'll spend in prison

Sam Bankman-Fried set to find out how much time he'll spend in prison

Sam Bankman-Fried, the disgraced founder of collapsed crypto exchange FTX, will hear on Thursday how much time he'll spend behind bars. Back in November, SBF had been found guilty on all seven criminal counts related to fraud and conspiracy, as part of a scheme U.S. Attorney Damian Williams referred to as "one of the biggest financial frauds in American history." Prosecutors presented evidence and testimony showing that SBF had siphoned billions of customer deposits and doctored balance sheets at FTX to bankroll speculative investments, donate millions of dollars in political contributions, and cover major losses at sister hedge fund Alameda Research. Federal prosecutors are recommending a sentence of 40 to 50 years, while lawyers for the former crypto mogul are pushing for a term of no more than six and a half years, given expectations that customers and creditors will be paid back in full . More on crypto What does the Sam Bankman-Fried verdict mean for crypto markets? Crypto market kicks off week on bullish note, with bitcoin jumping A better return than Nvidia or Bitcoin? It's dark and delicious FTX sees full refund to customers, but won't revive crypto exchange Spot Bitcoin ETFs together overtake SPDR Gold Shares ETF in terms of assets under management

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