Prosecutors are seeking an $11 billion sentence, 40-50 years in prison for Sam Bankman-Fried.

Prosecutors are asking for 40-50 years in prison for Sam Bankman-Fried, former CEO and fraudster of the bankrupt cryptocurrency exchange FTX. Under the law, he faces up to 110 years in prison.

The government's 116-page indictment, submitted to Judge Louis Kaplan on March 15, details Bankman-Fried's activities, focusing on five counts: Bankman-Fried's scheme to make illegal political contributions, attempts to bribe Chinese government officials, bank fraud, corruption and various obstructions of justice. His attempt.

The government of the Bahamas did not extradite him because Banman-Fried was not charged with illegal political contributions. He was also not charged with bribing Chinese officials. The note also states:

“The defendant has failed to take real responsibility for his role in the failure of FTX and the loss of clients' funds.”

Bankuman-Fried's sentence should be substantially revised due to the seriousness of the crime, the document continued. Bahnmann-Fried has often been compared to Bernie Madoff, the New York financier who ran the largest Ponzi scheme in history, and other financial criminals. It also included a four-page account of the losses caused by the FTX collapse caused by the Bankman-Fried fraud.

RELATED: Sam Bankman-Fried's brother: ‘Life wasted in prison'

In the year On November 2, Bankman-Fried was found guilty of seven counts: two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of securities fraud conspiracy and one count of money laundering conspiracy. The legal counsel asked the court to impose a maximum sentence of six-and-a-half years. He denied all the charges.

A sentence of 40-50 years “allows the defendant to return to his freedom after it is ensured that society will not have the opportunity to return to fraud and fraud” but still “reflects the seriousness of the defendant's crime,” he said. he said. They also sought an $11 billion judgment against him.

Judge Kaplan of the Southern District Court of New York said in the memo that they are not required to follow the government's recommendations. Sentencing is set for March 28.

Magazine: This is your brain on crypto: Substance abuse grows among crypto traders