Bankman-Fried may also enter into a deal similar to Caroline Ellison and Gary Wang, where prosecutors do not agree to recommend any specific sentence.
Among Bankman-Fried's accusations are conspiracy to defraud customers and lenders, securities fraud, commodities fraud, money laundering, and conspiracy to violate campaign finance laws. If convicted, it is believed that he could get 115 years in jail.told the United States House Financial Services Committee
that he had never seen"such a utter failure of corporate controls at every level of an organization, from the lack of financial statements to a complete failure of any internal controls or governance whatsoever.” Ray also noted that the"concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals” had been behind the exchange' collapse.
The Southern District of New York will hear Bankman-Fried on Jan. 3 before Judge Lewis Kaplan — a judge with a reputation for being straightforward and efficient. The case was assigned to Kaplan after judge Ronnie Abrams
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