FTX Founder Sam Bankman-Fried Convicted On 7 Federal Counts, Could Spend 110 Years In Prison

A recent report from Forbes went into detail about Sam Bankman-Fried’s (SBF) criminal case.

According to the report, SBF has been found guilty on all seven federal counts, which include charges related to fraud and money laundering, following a high-profile trial involving the now-defunct crypto exchange FTX and the firm Alameda Research. The charges could potentially lead to a maximum sentence of 110 years in prison.

SBF was charged with money laundering, wire fraud, securities fraud, and other counts related to the alleged misuse of customer funds from FTX to support his other firm, Alameda Research. A jury quickly reached a verdict, holding him responsible for the disappearance of $10 billion in customer funds.

Read Also: FTX Founder Sam Bankman-Fried Jailed By a Federal Judge Over Witness Intimidation

Will SBF Spend 110 Years in Prison?

Forbes reports that legal experts are discussing the possibility of SBF facing a lengthy prison sentence. While white-collar criminals often receive sentences much shorter than the maximum, the federal judge Lewis Kaplan, who presided over the case, may choose to break from this trend and impose a substantial sentence, similar to the case of Bernie Madoff, who received a 150-year sentence.

The report cites former federal prosecutor Mitchell Epner and Vermont Law School professor Jared Carter, both of whom expect SBF to spend multiple decades in prison.

Additionally, Forbes reports that federal prosecutors plan to hold a second trial focusing on alleged bribery, bank fraud, and campaign finance violations, which could further impact SBF’s overall sentencing. Judge Kaplan’s previous decision to revoke SBF’s bail due to repeated violations is also highlighted.

Forbes emphasizes that federal judges have broad discretion in sentencing, considering various factors, including the individual’s personal and criminal history, the nature of the crime, and the aim of deterring future crimes. In SBF’s case, the severity of the crimes and the potential deterrence factor are crucial considerations.

The report states that SBF’s sentencing is scheduled for March 28, 2024, and the decision of Judge Kaplan could have significant implications.

Read Also: CZ Binance Brands FTX’s Bankman-Fried “One of the Greatest Fraudsters in History”

Legal experts suggest that the outcome might vary, ranging from a substantial sentence to a more lenient one, similar to the case of Elizabeth Holmes, the founder of Theranos, who received over 11 years out of a potential 80-year sentence.

The report also mentions that former FTX co-founder Gary Wang, former Alameda Research CEO Caroline Ellison, and FTX’s top engineer Nishad Singh, who pleaded guilty to fraud, may receive reduced sentences due to their cooperation with federal authorities.

SBF has influence in the crypto community, as seen by the recent launch of the meme coin HairyPlotterFTX during the trial, and watching this case unfold will be intriguing.

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