Prosecutors believe SBF's punishment should match the seriousness of its crime, which would be the largest financial fraud in U.S. history.
U.S. federal prosecutors are asking for a prison sentence of 40 to 50 years for FTX founder Sam Bankman-Fried (SBF) after being found guilty of the most serious financial fraud in recent years for misappropriating more than $8 billion of client funds. .
The U.S. Attorney's Office for the Southern District of New York filed a sentencing memorandum on March 15 detailing SBF's widespread fraud.
Documents show that his wrongdoing not only undermined the integrity of financial and political systems, but also caused significant losses to tens of thousands of victims across several Oceanias.
greed and ambition
Prosecutors' documents describe SBF as a figure driven by unparalleled greed and ambition. His actions even touched the political realm and even crossed overseas, making illegal donations and even trying to bribe overseas government officials.
In addition to the financial fraud at FTX and Alameda Research, the trading firm he founded, SBF also engaged in banking misconduct, including operating an unlicensed money transfer business and misleading banks to facilitate his operations.
After FTX went bankrupt, SBF attempted to shift and evade liability, further complicating the legal process and highlighting an attitude that persisted in not admitting the nature of its mistakes.
Prosecutors also charged him with obstruction of justice, including using encrypted messages to delete evidence and tampering with witnesses.
special punishment for extraordinary crimes
The request for a prison sentence of 40 to 50 years underscores the seriousness of SBF's conduct and reflects the prosecution's position that it is necessary to punish him commensurate with the extraordinary impact of his crimes.
The memo believes that such a sentence is not only to provide justice for the victims, but also to serve as a deterrent to similar crimes in the rapidly growing crypto industry.
In addition to prison sentences, the government is seeking to seize assets obtained through criminal activity and has proposed compensating victims through reduced sentences as an alternative to traditional reparations. This approach is intended to address the financial losses suffered by victims, some of whom lost their life savings in the FTX crash.
The SBF verdict will be announced on March 28, marking a critical moment in the quest for justice for thousands of misled FTX customers. The case is an important chapter in the legal challenges facing the world of digital finance. #SBF #金融诈骗
