U.S. prosecutors really useful {that a} federal choose sentence FTX founder and former CEO Sam Bankman-Fried to 40-50 years in jail for his conviction on fraud and conspiracy costs tied to the collapse of what was as soon as one of many world’s largest crypto exchanges.Bankman-Fried “lied to traders,” shared pretend paperwork and “pumped thousands and thousands of {dollars} in unlawful donations into our political system,” including {that a} sentence of 40 to 50 years is “mandatory,” alongside a really useful penalty north of $11 billion and forfeiture, the Division of Justice’s Southern District of New York workplace wrote in a sentencing memo filed Friday.”Bankman-Fried is deserving of a extreme sanction, proportionate to his position on this historic fraud,” the prosecutors stated. “The federal government urges the courtroom to impose a sentence that underscores the remarkably severe nature of the hurt to hundreds of victims; prevents the defendant from ever once more committing fraud; and sends a robust sign to others who is perhaps tempted to interact in monetary misconduct that the implications will likely be extreme.”Prosecutors referred to as their request for a $11 billion judgment “a very conservative sum” and famous that greater than a billion {dollars} had already been seized. Authorities efforts to claw again a few of Bankman-Fried’s cash focused the political contributions he and different FTX executives made within the U.S. elections two years in the past – which prosecutors stated they believed to be “the largest-ever marketing campaign finance offense.” The doc famous 251 candidates had up to now returned greater than $3 million.The prosecutors included a listing of sentences for defendants who’d price victims greater than $100 million in a Ponzi scheme or other forms of misappropriation, main off with Bernie Madoff, who was tied to $13 billion in losses and was given a 150-year sentence.A proposed forfeiture order particulars the place the funds would come from, together with deposits in U.S. financial institution accounts that the federal government has seized, funds in a variety of Binance and Binance.US accounts and proceeds from the sale of Robinhood shares.A repeated theme all through the memo is the concept that Bankman-Fried knew he was committing unlawful actions, however acted as if he was not sure by the regulation, the DOJ charged, strolling via the proof produced throughout his trial.To assist this, the memo referenced testimony and allegations made by witnesses on the trial, together with Bankman-Fried’s former internal circle. He bribed international authorities officers, the submitting stated, referencing former Alameda Analysis CEO Caroline Ellison’s testimony, and directed Alameda to take out an enormous line of credit score on FTX, referencing testimony from former Chief Know-how Officer Gary Wang.Bankman-Fried was convicted on seven totally different counts of fraud and conspiracy final November after a month-long trial tied to the operation and collapse of FTX and Alameda Analysis, two corporations he based. He is scheduled to be sentenced on March 28.In Friday’s memo, prosecutors took goal on the protection staff’s argument that FTX collectors are more likely to recuperate a majority of their funds, saying Bankman-Fried didn’t help with these recoveries and his efforts “in lots of respects have been counterproductive.”Just like the protection staff, prosecutors included a variety of reveals to assist their argument. Not like the protection staff, which primarily offered character references, the DOJ printed direct messages despatched to Bankman-Fried by FTX clients and chosen Google paperwork.One in all them, which seems to have been written after FTX filed for chapter, features a checklist of choices for the way Bankman-Fried may deal with the chapter state of affairs. The choices ranged from blaming the attorneys, showing on former Fox Information host Tucker Carlson’s present and “popping out as a Republican” or being interviewed by Michael Lewis (who printed a e-book about him a 12 months later) to sharing a letter with workers and tweeting a thread about his melancholy medicine.One other doc seems to element choices for FTX earlier than and thru its chapter course of. One more doc appears to be extra targeted on how he would possibly garner sympathy and share extra details about FTX’s state of affairs.”He knew what society deemed unlawful and unethical, however disregarded that primarily based on a pernicious megalomania guided by the defendant’s personal values and sense of superiority,” prosecutors wrote of their sentencing memo.Cheyenne Ligon contributed reporting.UPDATE (March 15, 2024, 19:05 UTC): Provides extra element all through.