© via REUTERS
Investing.com – After his arrest in the Bahamas earlier this week, trouble is just beginning for Sam Bankman-Fried, the ousted boss of bankrupt crypto platform FTX.
Indeed, according to the multiple charges brought against him by the US Department of Justice on Tuesday, Sam Bankman-Fried faces more than 100 years in prison if convicted of each of them.
SBF faces two counts of wire fraud, two counts of wire fraud conspiracy and one count of money laundering, each of which carries a maximum sentence of 20 years. , the DOJ said in a statement.
He is also charged with conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to defraud the United States and commit campaign finance violations. , offenses punishable by a maximum sentence of five years.
In total, it is therefore a maximum sentence of 115 years that Sam Bankman-Fried risks.
Manhattan U.S. Attorney Damian Williams told a press conference on Tuesday that the FBI, SEC and CFTC have been working day and night to understand the ins and outs of “one of the biggest financial frauds of American history”.
The SEC and the CFTC, the two market regulators in the United States, sued Bankman-Fried separately earlier this week.
Sam Bankman-Fried was arrested in the Bahamas on Monday and is accused of embezzling billions of dollars of client money to fuel his Alameda Research crypto fund and influence US public policy, Williams said.
Finally, it should be noted that Congress sets the maximum lengths of prison sentences provided for by law, but it is the judges who choose the exact length of the sentence. However, statistically, it is rare for white collar criminals to receive the maximum sentences in the United States.