Sam Bankman-Fried Should Get 40 to 50 Years in Prison, Prosecutors Say
Mr. Bankman-Fried, who was convicted of seven counts of fraud and conspiracy, faces a maximum penalty of 110 years.
Mr. Bankman-Fried, who was convicted of seven counts of fraud and conspiracy, faces a maximum penalty of 110 years.
Investors bought into the perception of the FTX founder as an unkempt boy genius. The jury didn’t buy it.
The case against the founder of the failed FTX exchange had come to symbolize the excesses of the volatile cryptocurrency industry.
Tech investors lauded Mr. Bankman-Fried and helped fund his FTX crypto exchange. The tech industry has since done what it does best: move on.
They are set to start their defense on Thursday, with the FTX founder planning to testify in his criminal fraud trial. Hurdles include what Mr. Bankman-Fried’s former associates said on the stand.
In the first week of Mr. Bankman-Fried’s fraud trial, Judge Lewis A. Kaplan repeatedly admonished the former crypto mogul’s lawyers, in an ominous sign for the defense.
The FTX founder’s uphill court battle starts Tuesday, after he has come to symbolize everything that went wrong with the cryptocurrency industry.
Mr. Bankman-Fried had been under house arrest at his parents’ home as he awaited trial on charges stemming from the collapse of his cryptocurrency company, FTX.
Prosecutors investigating Sam Bankman-Fried, the cryptocurrency exchange’s founder, have accumulated more than six million pages of documents and other records.
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