U.S. prosecutors are asking for a long prison sentence, 40 to 50 years, for Sam Bankman-Fried. He used to run FTX, a big cryptocurrency website. The Department of Justice wants this because Bankman-Fried did dishonest things that hurt people. They say he should be punished to stop others from doing bad things like him.

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• DOJ recommends 40-50 years in prison for FTX founder Sam Bankman-Fried
• Prosecutors suggest a $11 billion fine and asset forfeiture
• Bankman-Fried convicted on seven counts of fraud and conspiracy

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FTX Founder Sam Bankman-Fried Faces 40-50 Years in Prison, DOJ Urges

Bankman-Fried is accused of tricking investors, faking papers, and sending illegal money into politics. Prosecutors say he needs a tough punishment to make up for the damage he caused and to stop others from doing the same.

They want him to pay a fine of $11 billion and give up all his assets. They compare this punishment to what happened to Bernie Madoff, a famous criminal.

During the trial, people who used to work with Bankman-Fried said he bribed people and did dishonest things with money. He was found guilty of fraud and conspiracy charges related to companies he started.

The prosecution wants him in prison for 12 years, but his lawyers say 6 years is enough. They criticize him for not helping people who lost money because of him.

Prosecutors show messages, memos, and the company’s website to prove their case. These things show that Bankman-Fried was involved in what happened after his company went bankrupt.

This case is big news in the finance world. It shows what can happen if you mess up with money. Stay updated on cryptocurrency and finance news by subscribing to our newsletter. Get exclusive access, expert insights, and the latest information. Subscribe now!