In the federal fraud case against Sam Bankman-Fried, prosecutors said Friday that the disgraced FTX founder and former CEO could face 40 to 50 years in prison and $11 billion in fines and forfeiture of property.
That's according to a sentencing memorandum filed Friday by the U.S. Department of Justice's Southern District of New York. Bankman-Fried In late 2022, he was found guilty of seven counts of fraud and conspiracy following the collapse of the popular cryptocurrency exchange.
Prosecutors allege Banman-Fried and his associates stole billions of dollars of client funds from FTX through FTX's sister company, Alameda Research Trading. Bankruptcy attorneys recently said they plan to recoup stolen assets and investments and sell remaining cryptocurrency holdings to make customers whole.
This story is breaking and will be updated with more details.
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