Ex-crypto mogul Sam Bankman-Fried due to be sentenced for defrauding FTX
Al Jazeera
The 32-year-old illegally used money from depositors of one of the world’s most popular platforms for trading digital currency to cover his expenses.
Former crypto mogul Sam Bankman-Fried is due to be sentenced for his role in the 2022 collapse of FTX, once one of the world’s most popular platforms for trading digital currency.
Bankman-Fried, 32, was convicted last November of fraud and conspiracy by a jury that found that he illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
He will return to a New York court on Thursday.
Prosecutors have recommended a prison sentence of 40 to 50 years.
“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years,” prosecutors told Judge Lewis Kaplan in a court filing.
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