Bankman-Fried Faces Decades in Prison for FTX Fraud
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Sam Bankman-Fried faces up to 50 years in prison when sentenced today for stealing $8B from FTX customers to cover debts from his failed hedge fund.
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He was convicted on 7 counts of fraud and conspiracy in November after FTX collapsed and he was arrested in the Bahamas.
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Prosecutors say he looted customer accounts to plug losses at his hedge fund Alameda Research and lied to investors about FTX's finances.
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His lawyers argue he was motivated by altruism and should get 51β4 to 61β2 years, while his mom says he's on the autism spectrum.
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Bankman-Fried was once crypto's poster boy but his trial defense failed and prosecutors say he shows no remorse while victims may never get money back.
