DOJ wants 40-50 years prison and $11B fine for FTX’s Sam Bankman-Fried for fraud

The US Department of Justice (DOJ) has recommended a jail sentence of 40-50 years for Sam Bankman-Fried, the former director of FTX.

Additionally, they have suggested imposing penalties and forfeitures amounting to $11 billion. In November, SBF was convicted on seven counts of fraud and conspiracy.

The prosecutors contend that his behaviors, which included misleading investors, disseminating forged papers, and financing political campaigns, justify a significant period of incarceration.

The DOJ has successfully retrieved over $1 billion and is now focused on recovering monies that were used for political donations, marking it as the most significant breach of campaign financing to date.

In addition, the DOJ intends to seize assets from many sources, including as bank and Binance accounts, as well as the proceeds from the sale of Robinhood shares.

Bankman-Fried’s defense proposes a six-year sentence, however, prosecutors deem this insufficient. Bankman-Fried is being criticized for not cooperating in settling FTX creditors. Critics also dispute the statements that creditors will probably recover most of their cash.