Sam Bankman-Fried arrived in court for his sentencing hearing today and could be facing what is essentially a life sentence.
Judge Lewis Kaplan of the Southern District of New York will decide his fate. Prosecutors have asked for 40-50 years, which will essentially be the end of the 32-year-old, though he is appealing his conviction.
The defense has asked for no more than 6-and-a-half years as a non-violent first-time offender. He also argues that customers will be made whole, in part due to the recent rising value of FTX’s crypto holdings.
However, in an ominous sign, judge Kaplan appeared to reject that argument.
“The defendant’s assertion that FTX customers and creditors will be paid in full is misleading, it is logically flawed, it is speculative,” Kaplan said. “A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole.”
Reports say he was not shackled, but he held his hands behind his back as he walked in. He was found guilty of seven counts of fraud and conspiracy for stealing money from customers and deceiving investors.
In early comments, the judge also said Bankman-Fried committed perjury in his testimony and did tamper with witnesses. He noted that the guideline is for 110 years but that he will ‘vary downwards’.
The hearing is underway but could last for hours.
This article was written by Adam Button at www.forexlive.com. Source