FTX founder Sam Bankman-Fried could be sentenced to up to 110 years in prison under federal sentencing guidelines for his role in a massive fraud conspiracy that led to the collapse of his cryptocurrency exchange and related hedge funds, a judge ruled Thursday.
Judge Lewis Kaplan increased Bankman-Fried’s sentencing guideline range after he was found to have committed perjury at trial.
Kaplan is scheduled to sentence SBF later Thursday in Manhattan federal court, but is not obligated to give him that much time. But the ruling highlights the risk that Bankman-Fried will spend decades in prison.
After Kaplan ruled to tighten the guidelines, one of Bankman-Fried’s victims spoke out about the impact of his crimes.
Federal prosecutors hope to sentence Bankman-Fried to 40 to 50 years in prison. His defense team asked Kaplan for a much lighter sentence of five to six and a half years in prison.
Kaplan presided over the trial, which ended in November with a jury finding Bankman-Fried, 32, guilty on seven counts and holding him responsible for about $10 billion in customer deposits that disappeared in 2022.
The charges include wire fraud and conspiracy to commit wire fraud against FTX customers and lenders to sister hedge fund Alameda Research; conspiracy to commit securities fraud against FTX investors and conspiracy to commit commodities fraud; and conspiracy to commit money laundering.
Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, were in court for the sentencing hearing.
Barbara Fried (left), mother of former FTX CEO and founder Sam Bankman-Fried, and father Joseph Bankman arrive at the Manhattan Federal Court in New York City on March 28, 2024 to receive sentencing.
Timothy A. Clary | AFP | Getty Images
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