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Prosecutors within the federal fraud state of affairs in direction of Sam Bankman-Fried said Friday that the disgraced FTX founder and former CEO should expertise 40 to 50 a very long time in jail, and face $11 billion in fines and forfeiture of belongings.
That’s in accordance to a sentencing memo submitted by the U.S. Part of Justice’s Southern District of New York on Friday. Bankman-Fried was situated accountable of seven fraud and conspiracy bills earlier November following the distinguished cryptocurrency trade’s collapse in late 2022.
Prosecutors talked about that Bankman-Fried and associates pilfered billions of {dollars}’ actually value of shopper funds from FTX on account of the Alameda Exploration shopping for and promoting group, a sister company of FTX. Particular person chapter attorneys stated not too long ago that they’ve a system to make shoppers full after recovering stolen property and investments, and advertising the trade’s remaining cryptocurrency holdings.
This story is breaking and shall be up-to-date with additional features.
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