Sam Bankman-Fried Could Face Up to 115 Years in Prison, If Convicted

The 30-year-old, who was the public face of the crypto industry, is at risk of spending the rest of his life in prison underscores the seriousness of the charges levied against him by prosecutors with the U.S. Attorney’s Office for the Southern District of New York.

You May Like: FTX’s Leaked Balance Sheet

Sam Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX, is facing an eight-count federal indictment that could see him sentenced to up to 115 years in prison.

Bankman-Fried faces charges of: wire fraud on customers and lenders, conspiracy to commit commodities and securities fraud, one count of money laundering, one count related to campaign finance laws.

A conviction for a single count of wire fraud is punishable by up to 20 years in prison, according to federal statute.

Bankman-Fried resigned from his position at FTX in November when the company filed for bankruptcy protection. Lawyers have estimated that the company owes money to more than one million people and organizations. Its top 50 creditors alone are owed $3.1 billion.

Additionally, the Securities and Exchange Commission (SEC) alleges Bankman-Fried misled investors and the Commodity Futures Trading Commission (CFTC) also charged him with fraud.

Bankman-Fried is, of course, deemed innocent unless he is convicted. And there are signs he is already preparing a robust legal defense. His parents, both law professors at Stanford University, have been with Bankman-Fried since November and attended his initial hearing Tuesday in the Bahamas.

About originator 14 Articles
Administrator

Be the first to comment

Leave a Reply

Your email address will not be published.


*