#DOJ: Sam Bankman-Fried deserves 40 to 50 years in prison

After Sam Bankman-Fried was convicted last November, prosecutors asked a U.S. district judge to sentence him to 40 to 50 years in prison.

Federal prosecutors said in a Manhattan court on March 15 that Sam Bankman-Fried gambled with funds that originally belonged to Alameda and FTX clients, ultimately stealing more than $8 billion in cash and cryptocurrency through his digital asset company.

Government lawyers further argue that the FTX founder maintains his innocence despite being convicted by a jury last year of seven counts of fraud and conspiracy.

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Last month, Bankman-Fried’s lawyers urged U.S. District Judge Lewis A. Kaplan to show leniency and sentence the fallen cryptocurrency tycoon to up to six and a half years in prison. His attorneys claim he never intended to defraud Alameda and FTX customers and investors during his tenure.

Bankman-Fried plans to fight his conviction and sentencing in the Court of Appeal, while Judge Kaplan will sentence the former FTX CEO in federal court on March 28.

In related news, Bankman-Fried’s parents file motion to dismiss lawsuit accusing duo of involvement in son’s criminal activity Barbara Fried and Joseph Bankman deny involvement in cryptocurrency exchange FTX collapse has any relationship.

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