Crypto fraudster Bankman-Fried faces sentencing

guardian.ng:

(FILES) (FILES) Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail hearing ahead of his October trial, in New York City on July 26, 2023. – Customers of the cryptocurrency exchange FTX, which filed for bankruptcy protection last November, would get back the bulk of their deposits under a plan proposed by liquidators. The announcement comes as FTX co-founder and former majority shareholder Sam Bankman-Fried stands trial in New York, accused of illegally using customer accounts to fund the activities of his investment firm, Alameda Research. (Photo by ANGELA WEISS / AFP)

Disgraced cryptocurrency wunderkind Sam Bankman-Fried is set to be sentenced Thursday following his conviction in one of the biggest financial fraud cases in history.

US prosecutors are seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller’s spectacular fall.

Calling Bankman-Fried’s seven-count conviction reflective of the defendant’s “unmatched greed and hubris,” the government’s sentencing request argues for significant jail time in light of fraud it estimates at more than $10 billion.

Moreover, a lengthy sentence is necessary to “protect the public,” argued US Attorney Damian Williams, who characterized Bankman-Fried as an “adept” spin doctor capable of additional malfeasance.

If quickly freed, “it is realistic that he will settle on a narrative, lean into it, and convince other people to part with their money based on lies and the promise of false hope,” Williams said in a 113-page legal filing, accompanied by testimonials from dozens of victims.

Calling the government’s proposed sentence