Reply To:
Name - Reply Comment
Last Updated : 2024-04-29 20:42:00
BBC: Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, returned to court in New York yesterday is to be sentenced for his crimes.
It is certain the 32-year-old will be going to jail; what is not known is how long for.
The moment has revived debate about the extent of his crimes - and what punishment might fit.
His legal team has called for leniency, but prosecutors are seeking 40 to 50 years in prison.
They say such a sentence is warranted for someone who lied to investors and banks, and stole billions in deposits from customers of his now-bankrupt crypto exchange, FTX.
His defence team has proposed five to 6.5 years, accusing the government of adopting “a medieval view of punishment” by insisting on a lengthy term behind bars for a non-violent, first-time criminal.
The question has generated hundreds of pages of letters from former FTX customers, family, friends of his parents - even complete strangers - trying to sway Judge Lewis Kaplan, the federal justice who will decide his fate.
“He has shown no remorse so why would any judge show any mercy?” said Sunil Kavuri, a British investor who had more than US$ 2 million worth of holdings on the exchange when it collapsed, and one of the people mobilising former customers to share their experience with the court. FTX’s collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
38 minute ago
26 Apr 2024