FTX founder Sam Bankman-Fried faces a maximum possible sentence of 110 years in prison under federal sentencing guidelines for the massive fraud conspiracy that led to the collapse of his cryptocurrency exchange and a related hedge fund, a judge ruled Thursday.
Judge Lewis Kaplan increased the sentencing guidelines range for Bankman-Fried after finding that he had perjured himself at his trial.
Kaplan, who will sentence SBF later Thursday in Manhattan federal court, is not bound to give him that much time. But the ruling underscores the risk that Bankman-Fried will spend decades in jail.
After Kaplan ruled on the guideline enhancement, a victim of Bankman-Fried’s began talking about the effects of his crimes.
Federal prosecutors want Bankman-Fried sentenced to between 40 to 50 years in prison. His defense team asked Kaplan to sentence him to much less than that, between five and six-a-half years behind bars.
Kaplan presided over the trial, which ended in November when a jury found Bankman-Fried, 32, guilty of seven counts and held him responsible for the roughly $10 billion of customer deposits that went missing in 2022.
The charges included wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders to sister hedge fund Alameda Research; conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors; and conspiracy to commit money laundering.
Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, are in the courtroom for the sentencing hearing.
FTX’s former CEO and founder Sam Bankman-Fried’s mother, Barbara Fried (L), and his father, Joseph Bankman, arrive at Manhattan Federal Court for his sentencing at Manhattan Federal Court in New York City on March 28, 2024.
Timothy A. Clary | Afp | Getty Images
