Last November, after being convicted, prosecutors requested a US district judge to sentence Sam Bankman-Fried to 40 to 50 years in prison.
Sam Bankman-Fried under investigation
Sam Bankman-Fried, the founder of FTX, is currently facing allegations. On March 15, the Manhattan court announced that the businessman may have unlawfully used clients’ money belonging to Alameda and FTX. He is accused of embezzling over 8 billion dollars in cash and cryptocurrencies through his digital asset companies.
“Guilty but not responsible”
Government attorneys have pointed out that Bankman-Fried continues to proclaim his innocence, despite being found guilty on seven counts of fraud and conspiracy by a jury last year. His lawyers argue that he never intended to defraud his clients and investors at Alameda and FTX during his tenure. They are asking District Judge Lewis A. Kaplan to show leniency and not sentence the businessman to more than six and a half years in prison.
Parents also in trouble
In a related matter, Sam Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, are also implicated. They have filed a motion to dismiss a lawsuit alleging their involvement in their son’s criminal enterprise. They strongly deny playing any role in the collapse of the FTX cryptocurrency exchange platform.
Meanwhile, Sam Bankman-Fried’s trial is currently under appeal. The final verdict against the former FTX CEO will be announced on March 28 in a federal court.