ONPH - World Awaits Bankman-Fried Sentence Drug Stock Pump-And-Dump Penny Stock Fraud: Financial Crimes Weekly | Benzinga
“Thousands of ordinary people lost their savings,” said prosecutors in the trial of Sam Bankman-Fried this week, urging the judge to enact the harshest possible punishment when the disgraced founder of collapsed cryptocurrency exchange FTX is sentenced next week.
Bankman-Fried was convicted in November on seven counts of fraud and conspiracy related to the collapse of FTX. Ahead of sentencing on March 28, Judge Lewis Kaplan has received presentencing memorandums from both sides.
Prosecutors, seeking $11 billion in compensation and up to 50 years of imprisonment, say Bankman-Fried, “driven by greed and hubris” repeatedly gambled other people’s money and that his education and privileged upbringing equipped him with the knowledge to know that he was acting illegally.
The defense lawyers maintain that FTX investors will eventually recover their money and have requested leniency from Kaplan, suggesting a sentence of between five ...