July 21, 2024
SBF Seeks 6.5-Year Sentence, Urges Guards to Invest in Solana
Latest Cryptocurrency News

SBF Seeks 6.5-Year Sentence, Urges Guards to Invest in Solana

Legal representatives for former FTX CEO Sam “SBF” Bankman-Fried are urging a federal judge in Manhattan to impose a prison sentence ranging from five and a quarter to six and a half years. SBF faces a potential maximum sentence of 110 years following a November conviction on multiple charges of fraud and money laundering.

The indictment against SBF includes two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy. The sentencing, scheduled for March 28 and overseen by Judge Lewis A. Kaplan, awaits federal prosecutors’ recommendations on March 15. The Pre-sentence Investigation Report (PSR) has suggested a severe 100-year sentence for the former FTX CEO.

The PSR emphasized the absence of harm to customers, lenders, and investors, as the FTX bankruptcy estate is anticipated to fully reimburse customers. SBF’s legal team highlighted letters from friends and family advocating for a lenient sentence.

Currently detained at the Metropolitan Detention Center in Brooklyn since last summer, SBF has faced various challenges, including trading mackerel for a haircut and extortion for protection. Recent reports indicate that he is offering trading and investment advice to fellow inmates, encouraging prison guards to invest in Solana’s SOL, a cryptocurrency token with which he has a substantial history.

FTX, once valued at $32 billion in January 2022, witnessed a collapse in November of the same year. SBF was found guilty of mismanaging $8 billion in customer funds and multiple instances of fraud. The legal proceedings have shed light on the intricate web of charges against SBF, creating a significant impact on the cryptocurrency community.

Image by fabrikasimf on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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