Sam Bankman-Fried will study his sentence Thursday, 4 months after he was discovered responsible of orchestrating the multibillion-dollar fraud that prompted the collapse of the FTX cryptocurrency trade. A federal jury in New York Metropolis convicted Bankman-Fried, 32, in November on every of the 2 counts of fraud and 5 counts of conspiracy he confronted. He has been jailed on the Metropolitan Detention Heart facility in Brooklyn ever since, along with his bail having been revoked over witness-tampering allegations.Federal prosecutors are looking for as a lot as 50 years of the statutory 110-year sentence implied by the conviction. Bankman-Fried apparently lacks a legal historical past, and prosecutors hardly ever search the statutory most, mentioned John Espresso, a professor at Columbia College Regulation Faculty specializing in white-collar legal protection. However the nature of the fraud, Bankman-Fried’s snug upbringing and the dimensions of losses to victims led prosecutors to nonetheless search an aggressive sentence.”In each a part of his enterprise, and with respect to every crime dedicated, the defendant demonstrated a brazen disrespect for the rule of legislation,” the prosecutors wrote. “He understood the principles, however determined they didn’t apply to him. He knew what society deemed unlawful and unethical, however disregarded that based mostly on a pernicious megalomania guided by the defendant’s personal values and sense of superiority.”The prosecutors mentioned Bankman-Fried “knew his clients’ expectations — that he would maintain their cash secure — however he disregarded them based mostly on a callous perception that he may put their cash to higher use.Bankman-Fried’s protection workforce is asking for 6½ years or much less. In a 98-page submitting pleading for leniency, they cited Bankman-Fried’s psychological well being struggles, his purported selflessness in his private life and the protection dangers he faces in jail. Additionally they argued FTX victims didn’t find yourself struggling losses — a notion towards which the trade’s present overseer, John Ray, has pushed again.”There are many issues we didn’t get again, just like the bribes to Chinese language officers or the lots of of hundreds of thousands of {dollars} he spent to purchase entry to or time with celebrities or politicians or investments for which he grossly overpaid having executed zero diligence,” Ray wrote in a March 20 memo. “The hurt was huge. The regret is nonexistent.”Whereas the worth of bitcoin has begun to surge once more, FTX victims are entitled to get well crypto belongings solely on the costs noticed when the trade filed for chapter. Bankman-Fried’s constant lack of regret all through the trial is more likely to weigh on the sentence U.S. District Decide Lewis Kaplan palms down, Espresso mentioned.Bankman-Fried has “held to the road that he sympathizes with the victims and desires to assist them get their a refund. That is not going to work,” Espresso mentioned. “He is acquired to discover a solution to stroll a cautious line, with out abandoning his attraction, to precise some contrition. In any other case the choose goes to say: ‘This man’s simply sticking it to me.'”A separate Bureau of Prisons official will resolve the place Bankman-Fried finally ends up serving his sentence. Federal circumstances don’t enable the potential for parole, however Espresso mentioned Bankman-Fried might find yourself having some years shaved off his time period for good conduct.But it surely’s unlikely so as to add as much as a lot of a discount, Espresso mentioned. “He is dealing with actual time,” he mentioned.