FOX Business’ Kelly O’Grady stories on the trial of Sam Bankman-Fried after the previous FTX CEO was discovered responsible on seven counts of felony fraud.
FTX co-founder and ex-CEO Sam Bankman-Fried will be taught his destiny Thursday after being convicted final fall of defrauding buyers and prospects of the now-bankrupt cryptocurrency alternate.
The former crypto billionaire is slated to look earlier than U.S. District Judge Lewis Kaplan in Manhattan federal courtroom, the place he faces a sentence of as much as 110 years behind bars.
PROSECUTORS WANT A 40 TO 50 YEAR PRISON SENTENCE FOR SAM BANKMAN-FRIED
Bankman-Fried was discovered responsible in November on two counts of wire fraud and five conspiracy counts.
Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail listening to forward of his October trial in New York City on July 26, 2023. (Photo by ANGELA WEISS/AFP by way of Getty Images / Getty Images)
Prosecutors are looking for a sentence of 40 to 50 years in jail, whereas the protection is arguing a 5¼- to 6½-year jail time period could be acceptable.
Former Assistant U.S. Attorney Kevin J. O’Brien told FOX Business in an interview shortly after Bankman-Fried’s conviction that he expects the 31-year-old to obtain a sentence in “the teens” or presumably decrease.
O’Brien, now a white-collar felony protection lawyer, stated he wouldn’t be shocked if the ex-CEO acquired a sentence akin to 39-year-old Theranos founder Elizabeth Holmes, who’s presently serving 11.25 years for her personal fraud conviction.
FTX founder Sam Bankman-Fried testifies on the witness stand in federal courtroom in New York City on Monday, Oct. 30, 2023. (Jane Rosenberg)
The FTX founder, who capitalized on an increase in bitcoin and at one level amassed an estimated $26 billion, can also be anticipated to be ordered to pay restitution.
FTX AND SAM BANKMAN-FRIED’S TRIAL: THE PLAYERS
Bankman-Fried’s crypto empire fell in November 2022, when FTX collapsed after stories that the alternate had merged belongings with sister hedge fund Alameda Research, main waves of shoppers to withdraw funds. Bankman-Fried was indicted the subsequent month.
Bitcoin, which accounted for a lot of Bankman-Fried’s web value, fell as little as $15,000 and has since rebounded, following the approval of a bitcoin ETF by the Securities and Exchange Commission.
Prosecutors alleged that Bankman-Fried, who based and managed each FTX and Alameda, misappropriated and embezzled billions of {dollars} in FTX buyer deposits, scheming to mislead buyers and instructing different executives at his companies to do the identical. A New York jury agreed.
Representations of cryptocurrencies are seen in entrance of a displayed FTX emblem in this illustration taken Nov. 10, 2022. (Reuters/Dado Ruvic/Illustration)
SAM BANKMAN-FRIED SAYS LAWYERS INVOLVED IN KEY DECISION BEFORE FTX COLLAPSE
Several members of Bankman-Fried’s internal circle testified in opposition to him through the trial. The prosecution’s key witnesses had been Caroline Ellison — Bankman-Fried’s ex-girlfriend and the previous CEO of Alameda Research — in addition to FTX co-founder Gary Wang and former FTX engineering chief Nishad Singh. The trio had all beforehand pleaded responsible and agreed to cooperate with the federal government.
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Bankman-Fried additionally took the stand in his personal protection, the place he admitted to creating errors however insisted he didn’t defraud or steal from anybody.
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