After a New York jury convicted Bankman-Fried, known by his initials SBF, after a five-week trial in November, US prosecutors had asked for a prison sentence of 40 to 50 years.
Jurors then rejected Bankman-Fried’s claims in testimony in Manhattan federal court that he never committed fraud or sought to defraud customers until FTX, once the world’s second-largest cryptocurrency exchange, went bankrupt a year ago.
During the trial, Mr Bankman-Fried said in the courtroom that he was “regretful for what happened at every stage. There are things I should have done and things I shouldn’t have done.”
The final sentence was handed down by US District Judge Lewis Kaplan, who thoroughly discussed the financial crimes committed by S. Bankman-Fried during the court hearing.
Bankman-Fried can now appeal the conviction.
The government’s sentencing request said Bankman-Fried’s seven-count conviction reflects the defendant’s “unparalleled greed and arrogance” and the fraud, which it estimates is worth more than $10 billion. dollars (9.38 billion euros), a substantial prison sentence should be imposed.
In addition, a long sentence is necessary to protect the public, said U.S. Attorney Damian Williams, who described Bankman-Fried as a skilled fraudster.
Calling the government’s proposed sentence barbaric, Bankman-Fried’s lawyers described their client as a philanthropic young man who overreached.
S. Bankman-Fried’s lawyer asked for a six-year prison sentence.
