Sam Bankman-Fried, the fired CEO of the insolvent cryptocurrency platform FTX, is in even more difficulty now after this week’s arrest in the Bahamas.
In fact, if found guilty of each of the several accusations levied against him by the US Department of Justice on Tuesday, Sam Bankman-Fried might spend more than 100 years in jail.
SBF is charged with two charges of wire fraud, two counts of conspiracy to commit wire fraud, and one count of money laundering, each of which has a 20-year maximum penalty, according to the DOJ.
Additionally, he is accused with conspiring to defraud the US and violate campaign finance laws, as well as conspiring to conduct securities fraud, commodities fraud, and campaign finance fraud, all of which carry a possible five-year penalty.
Sam Bankman-Fried thereby runs the possibility of receiving a maximum sentence of 115 years.
At a news conference on Tuesday, Manhattan’s U.S. Attorney Damian Williams stated that the FBI, SEC, and CFTC had been working around the clock to comprehend “one of the largest financial scams in American history.”
The two American market authorities, the SEC and the CFTC, filed separate lawsuits against Bankman-Fried earlier this week.
Sam Bankman-Fried was detained on Monday in the Bahamas and is suspected of stealing billions of dollars from clients to fund his Alameda Research cryptocurrency fund and sway US public policy, according to Williams.
Finally, it should be emphasized that although judges choose the specific duration of the sentence, Congress sets the maximum jail terms allowed by law. White collar offenders seldom in the United States receive the maximum terms, according to statistics.
