Crypto Fraudster Bankman-Fried Faces Sentencing
Muhammad Irfan Published March 28, 2024 | 08:50 AM
New York, (APP - UrduPoint / Pakistan Point News - 28th Mar, 2024) Disgraced cryptocurrency wunderkind Sam Bankman-Fried is set to be sentenced Thursday following his conviction in one of the biggest financial fraud cases in history.
US prosecutors are seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller's spectacular fall.
Calling Bankman-Fried's seven-count conviction reflective of the defendant's "unmatched greed and hubris," the government's sentencing request argues for significant jail time in light of fraud it estimates at more than $10 billion.
Moreover, a lengthy sentence is necessary to "protect the public," argued US Attorney Damian Williams, who characterized Bankman-Fried as an "adept" spin doctor capable of additional malfeasance.
If quickly freed, "it is realistic that he will settle on a narrative, lean into it, and convince other people to part with their money based on lies and the promise of false hope," Williams said in a 113-page legal filing, accompanied by testimonials from dozens of victims.
Calling the government's proposed sentence "barbaric," Bankman-Fried's attorneys depicted their client as a diligent young man motivated by philanthropy who got in over his head.
Their portrayal is similar to the one SBF's defense presented at trial -- which was quickly rejected by jurors after just five hours of deliberation.
Bankman-Fried, 32, should serve about six years in prison, a sentence "that returns Sam promptly to a productive role in society," said attorneys led by Marc Mukasey.
The final sentence will be meted out by US District Judge Lewis Kaplan. Bankman-Fried will be given an opportunity to address the court prior to sentencing.
Related Topics
Recent Stories
Four terrorists involved in suicide attack on Chinese in Besham arrested
SIC chief asks PTI leaders to resign from assemblies
Pakistan working tirelessly to eradicate polio from country: PM
IHC Justice Sattar dismisses pleas moved by FIA, PEMRA and PTA in audio leaks ca ..
Gillespie, Kirsten feature in 48th edition of PCB Podcast
Security forces kill four terrorists in Tank
Fake immoral video of Ducky Bhai's wife goes on viral on social media
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 April 2024
Today Gold Rate in Pakistan 29 April 2024
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
Today Gold Rate in Pakistan 28 April 2024
Fresh wave of rainfall in AJK continues for the second consecutive day
More Stories From World
-
Red Cross finances 'stabilised', new chief says
7 minutes ago -
Pedro Sanchez, a risk-taker with a flair for survival
7 minutes ago -
Bangladesh again closes schools nationwide due to heatwave
7 minutes ago -
Last chance for global pandemic agreement talks
27 minutes ago -
Iran slams crackdown on US student protesters
37 minutes ago -
Dozens killed as dam bursts in flood-hit Kenya
47 minutes ago
-
Brunson sets Knicks record with 47 to lead New York over 76ers
47 minutes ago -
Filipino farmers struggle as drought and heatwave hits
1 hour ago -
Spain's Sanchez says he will not resign as PM
1 hour ago -
President Xi to visit France, Serbia, Hungary from May 5
1 hour ago -
Burkina Faso suspends more foreign news media over massacre reports
1 hour ago -
With motorbikes banned, Yangon delivery riders struggle in heatwave
2 hours ago