Sam Bankman-Fried, the young American who was the mastermind behind the billion-dollar FTX fraud, will probably go to jail for 50 years. In November, Bankman-Fried was convicted of “orchestrating” one of the largest financial fraud cases in American history.
40 to 50 years in jail
The sentence of 40 to 50 years would allow Bankman-Fried to return to society without posing a danger. With this gigantic sentence, prosecutors want to emphasize the seriousness of Bankman-Fried’s actions.
After all, we must not forget that he gambled away the savings of millions of people.
Billy Binion doesn’t entirely agree with the prosecutors. He calls the sentence “psychotic” and says there is no good reason for taxpayers to “lock him in a cage until he is 80.”
According to Binion, it is clear that the possibility of a prison sentence is enough to prevent future violations of the law. While the length of the sentence matters less.
“We act as if ten years in prison is nothing. A short period. That is crazy,” Binion shares his opinion.
Difficult issue
It remains a difficult issue. Billy Binion has a point that even 10 years in prison is an extremely long time. No one can possibly imagine what it must be like to lose an entire decade of your life in prison. That must be terrible.
On the other hand, Sam Bankman-Fried has done more than terrible things. He will regret that, but he (probably) knowingly gambled with his customers’ savings.
Unknowing citizens who entrusted their hard-earned savings, perhaps even their entire pension pot, to Sam Bankman-Fried and his FTX.
Bankman-Fried has destroyed a significant part of the lives of those people. Financial fraud is different from murder, but we should not underestimate its impact.
Certainly not on the scale on which Sam Bankman-Fried operated.
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Source: https://newsbit.nl/ftx-oprichter-sam-bankman-fried-gaat-50-jaar-de-bak-in/
