More than four months after he was convicted on seven charges by a New York jury, Sam Bankman-Fried is set to learn how long he'll spend behind bars.
In a letter to the Department of Justice, an FTX customer who lost $4 million when the exchange filed for bankruptcy in 2022 expressed disgust at a circulating narrative that clients of the crypto exchange would ever be made whole. The same sorts of stories were told during Bankman-Fried's monthlong criminal trial last year. Prosecutors won their case by convincing jurors that Bankman-Fried had stolen at least $8 billion from customers. For some people, that meant financial ruin.
CNBC spoke to former federal prosecutors, trial attorneys, and a mix of lawyers working to defend white collar criminals to get their take on what to expect on Thursday.Bankman-Fried was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders to sister hedge fund Alameda Research, as well as conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
Mark Bini, a former state and federal prosecutor and U.S. assistant attorney who specialized in financial crimes, anticipates a sentence of no less than 30 years.
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