The post Sam Bankman-Fried Denied Bail! Will He Face Lifetime Imprisonment appeared first on Coinpedia Fintech News
The house of cards built by SBF was meant to fall, but it was also considered one of the safest crypto spaces, which is why the fall was so shocking for investors. In a series of events after SBF’s arrest in the Bahamas, he was pressed with 8 criminal charges by US lawmakers and was denied bail until his extradition hearing on February 8.
Almost immediately after his detention, SBF’s lawyer asked for his client’s release in exchange for $250,000 cash and an ankle tag. However, Chief Magistrate Joyann Ferguson-Pratt has stated that releasing SBF carries a substantial risk of him fleeing.
What To Expect From The Feb 8th Hearing
Many were caught off guard by the arrest of Bankman-Fried on Monday, but it highlights the significance of both his crimes and the evidence the US government was able to gather against him. The indictment from US prosecutors, which included eight counts against Bankman-Fried in the disclosed documents, led to his detention.
SBF, the creator of FTX, has been accused of covering up the company’s money-mixing practices with Alameda Research, the “special treatment” granted to Alameda, and its use of client funds for “luxurious real estate acquisitions,” political contributions, and other business endeavors.
In addition, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both filed complaints against Bankman-Fried for allegedly scamming investors.
Will SBF Receive A Lifetime Imprisonment Sentence?
If SBF is found guilty on all charges against him, he could face a possible maximum sentence of 115 years in jail, according to legal experts. The severity of the allegations is underscored by the fact that the 30-year-old, who was the public face of the crypto sector, may spend the rest of his life behind bars.
Former assistant U.S. attorney Nick Akerman, who focused on white-collar crime prosecution in the Southern District of New York, believes SBF will be facing a significant amount of time in prison.
However, according to federal law, the maximum sentence for a single offense of wire fraud is 20 years in prison.
It is important to note that until SBF is proven guilty, he must be presumed innocent. He seems to be laying the groundwork for a strong legal defense, as he has been in the Bahamas since November and his parents, both law professors at Stanford University, were present at his initial hearing on Tuesday.