Prosecutors are reportedly requesting FTX (FTT-USD) Co-founder and former CEO Sam Bankman-Fried receive a sentence of 40 to 50 years in their statements to a federal judge. Bankman-Fried, who also goes by "SBF", was found guilty in November 2023 on seven counts of fraud and conspiracy to defraud investors and customers of his crypto exchange.

Yahoo Finance Live breaks the news.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

JULIE HYMAN: Prosecutors weighing in on the sentencing of Sam Bankman Fried. They say that he should face 40 to 50 years for his role in the collapse of FTX here. And this came out of a filing of the US-- in the US District Court in Manhattan, which was included the sentencing recommendation. The hearing at which that will actually be determined is scheduled for March 28.

JOSH LIPTON: Yeah, essentially, it is a sentence of-- so ranging from 40 to 50 years. Bloomberg actually points out actually the request is actually far less though than the 100 years recommended in US criminal sentencing guidelines. But of course, not surprisingly, a lot more than his lawyers were asking for. I think the key line here, prosecutors saying in the filing, in every part of his business and with respect to each crime committed, the defendant demonstrated a brazen disrespect for the rule of law. He understood the rules but decided they did not apply to him.

JULIE HYMAN: Yeah. And his lawyers in the meantime, last month, had said he should get 6 and 1/2 years.

JOSH LIPTON: Correct.

JULIE HYMAN: So obviously, 40 to 50 is a lot more than that and a lot less than the 100 or so.

JOSH LIPTON: It'll be interesting to see what the judge does here. Because remember their relationship rocky at times. And also does the judge decide on March 28 that he's going to make an example here just to warn others of treading down this same path.

JULIE HYMAN: Right. As this goes on in the background, we are seeing a decline in Bitcoin prices today. Of course, we've seen this big run up and--

JOSH LIPTON: Huge, remarkable rally.

JULIE HYMAN: --a little bit of a pull back here today.