JUST IN: There is a New Development in the Fate of FTX Founder Sam Bankman-Fried

Prosecutors are asking the judge to sentence Sam Bankman-Fried to 40-50 years in prison for the FTX scam.

Sam Bankman-Fried, founder of the bankrupt FTX cryptocurrency exchange, could face 40 to 50 years in prison, according to federal prosecutors. The charges come after Bankman-Fried was found guilty of stealing $8 billion from clients.

“His life in recent years has been one of unparalleled greed and arrogance; ambition and rationalization; risk-taking and repeated gambling with other people’s money,” prosecutors said in a statement. “Even now, Bankman-Fried refuses to admit that what he did was wrong.”

A jury in November found Bankman-Fried guilty of seven counts of fraud and conspiracy. Despite the severity of the charges, the former billionaire’s lawyers argue that a prison sentence of 5.5 to 6.5 years would be more appropriate.

They claim that most of the stolen funds would be returned to FTX customers and that Bankman-Fried did not set out to steal. U.S. District Judge Lewis Kaplan is scheduled to sentence Bankman-Fried in Manhattan federal court on March 28. Bankman-Fried plans to appeal both her conviction and sentence.

*This is not investment advice.

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