The 32-year-old will undoubtedly spend time in jail; the length of his stay is unknown.
The incident has reignited discussion about the severity of his offenses and the appropriate penalty.
Although his defense team has asked for mercy, the prosecution has requested 40–50 years in jail.
They contend that a person who deceived banks and investors while stealing billions of dollars’ worth of deposits from users of his now-defunct cryptocurrency exchange, deserves a sentence of this kind.
His defense team has asked for a sentence of five to 6.5 years, claiming that the government is using “a medieval view of punishment” when it demands a long prison sentence for a first-time, nonviolent offender.
Hundreds of pages of letters from former clients, his parents’ friends and family, and even total strangers have been sent in response to the question in an attempt to influence Judge Lewis Kaplan, the federal judge who will determine his fate.
