Sam-Bankman Fried, who was found guilty over the multibillion-dollar fraud at FTX, will likely face up to 25 years in prison rather than a full sentence of an estimated 115 years, says a former DOJ prosecutor.
Renato Mariotti, a former prosecutor of the U.S. Justice Department’s Securities and Commodities Fraud Section, said to CNBC that the federal sentencing will be sky-high, but the judge is required to consider SBF’s surroundings and offense.
“I wouldn’t be surprised if SBF spends the next 20 or 25 years of his life in prison,” said Mariotti. The former prosecutor also added that the judge will have more sympathy for victims than Sam Bankman-Fried.
Sam was convicted on seven out of seven charges on November 2 and a jury of twelve found him guilty in one of the biggest financial frauds in the history of the U.S.
A former Assistant U.S. Attorney, Kevin J. O’Brien, said, “Since judges have discretion even under the guidelines, I believe his sentence will be in the 15-20 year range.” O’Brien believes that considering Sam’s young age, the judge will most likely give him a chance to live freely after his prison term.
Judge Kaplan has scheduled the sentence hearing on SBF for March 28, 2024, while giving the defense team a chance to prepare an appeal.
According to CNBC, the Department of Justice could bring a second case with entirely new charges against Sam Bankman-Fried in March 2024. The government has until Feb. 1 to let the court know if it plans to still proceed.