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US seeks up to 50-year sentence for FTX founder Sam Bankman-Fried

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US seeks up to 50-year sentence for FTX founder Sam Bankman-Fried

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Sam Bankman-Fried should be sent to prison for up to 50 years for “orchestrating one of the largest financial frauds in history”, US prosecutors told a judge ahead of the FTX founder’s sentencing this month.

In a submission on Friday, the government said the 32-year-old, who was found guilty on seven charges of fraud and money laundering late last year, “victimised tens of thousands of people” by stealing more than $8bn from customers and investors before his cryptocurrency exchange collapsed in November 2022.

Federal prosecutors in Manhattan dismissed the claim from Bankman-Fried’s lawyers that their client should be shown leniency because customers are likely to recover their funds via the FTX bankruptcy proceedings. They pointed to “the suffocating sense of dread and despair that victims felt when they could not withdraw their money, their shame and embarrassment, and the resulting damage to lives and businesses, cannot be undone”.

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Last month, lawyers for the former crypto tycoon asked the court to impose a sentence of no more than six-and-a-half years, portraying their client as a “selfless” and “altruistic” young man who “committed his life to philanthropy”.

They called a 100-year sentence recommended by probation officers “grotesque” and “barbaric” and said that as a person with autism spectrum disorder, Bankman-Fried was “uniquely vulnerable in a prison population”.

But in its submission, the government said the FTX founder “understood the rules, but decided they did not apply to him” and engaged in unethical behaviour “based on a pernicious megalomania” and a “sense of superiority”.

Prosecutors said there was “a significant likelihood that if the defendant is released back into society at a young enough age he will have the opportunity to engage in another fraud”.

“That is not just speculation,” they added. “In the days following FTX’s bankruptcy, and even after the defendant had been indicted, he mused about launching ‘Archangel LTD’, which would be an alternative to FTX’s bankruptcy and would result in the relaunching of an exchange.”

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Prosecutors also underlined earlier allegations against Bankman-Fried that never made it to trial. Those include claims that he had bribed Chinese government officials and that he and his company had made “unlawful political donations to over 300 politicians and political action groups, amounting to in excess of $100 million”, in what they said was the largest-ever campaign finance offence. 

Bankman-Fried’s lawyers previously vowed to appeal against the verdict, but his counsel have not yet done so. The sentencing hearing is set for March 28. 

Caroline Ellison, Gary Wang and Nishad Singh — three of Bankman-Fried’s closest colleagues at FTX who pleaded guilty and testified against him at trial — are set to be sentenced at a later date.

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Video: Mamdani Allies Sweep New York Primaries

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Video: Mamdani Allies Sweep New York Primaries

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Mamdani Allies Sweep New York Primaries

Mayor Zohran Mamdani’s progressive coalition had a big night on Tuesday. Brad Lander, Darializa Avila Chevalier and Claire Valdez won their Democratic House primaries.

“I see a New York that we can all afford. I see a New York that truly invests in its babies, not bombs.” Reporter: “What’s the first thing you’re looking forward to doing in Congress?” “Well, tomorrow — thank you — I mean, tomorrow morning, you know, I’m going to be back at 26 Federal Plaza doing court watching, and we want to carry that into Congress as well.”

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Mayor Zohran Mamdani’s progressive coalition had a big night on Tuesday. Brad Lander, Darializa Avila Chevalier and Claire Valdez won their Democratic House primaries.

By Julie Yoon

June 24, 2026

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Appeals court allows Trump administration expanded use of speedy deportations

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Appeals court allows Trump administration expanded use of speedy deportations

A massive 826,780-square-foot warehouse sits illuminated Feb. 12, 2026, in the El Paso suburb of Socorro, Texas, that was recently purchased by the U.S. Department of Homeland Security for $122.8 million.

Morgan Lee/AP


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Morgan Lee/AP

A federal appeals court on Tuesday allowed the Trump administration to resume carrying out speedy deportations of undocumented migrants throughout the United States, not just near the border.

A divided three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit threw out a lower court decision that temporarily blocked President Donald Trump’s expanded use of expedited removal. The ruling was a big victory for the Republican administration, which views the expansion of so-called expedited removal as a key tool for carrying out its mass deportation policy.

Expedited removal — quick deportation without a chance to appear before a judge — has previously been applied to migrants arriving by sea or caught at or near the border shortly after crossing.

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In January, Trump expanded its use to undocumented migrants all over the United States. Immigration agents began whisking migrants away from courthouses where they had gone for immigration proceedings and then removing them from the country within days.

“The Trump administration’s push for fast-track deportations will subject people to an unfair and error-prone system,” Anand Balakrishnan, senior staff attorney with the ACLU’s Immigrants’ Rights Project, said in a statement.

Balakrishnan represented plaintiffs in arguments before the appellate panel and said its ruling “undermines the fundamental principle that people receive due process when the government seeks to deport them.”

DC Circuit Judge Justin R. Walker, one of the judges on the panel, said the plaintiffs had not shown the expanded use of expedited removal violated due process rights. Immigrants received notice of removal proceedings and were given a chance to respond, he wrote in his opinion.

Walker and the second judge in the majority, Neomi Rao, were appointed by Trump. The third judge on the panel was appointed by President Barack Obama, a Democrat.

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Walker said there was no requirement that the administration inform immigrants that they can avoid expedited removal if they can show they have been in the United States for more than two years.

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ODNI under Pulte fires 6 staff, sends 45 back to home agencies

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ODNI under Pulte fires 6 staff, sends 45 back to home agencies

Just over 50 career and political intelligence staff at the Office of the Director of National Intelligence have been removed from their roles since Bill Pulte became the agency’s acting director, Friday.

Six career and political intelligence staff were terminated and 45 were sent back to their home agencies, according to three sources familiar with the personnel moves.

Pulte has been asking deputies and other directors for suggestions about cuts. Some of the ODNI deputies pushed for more cuts, but Pulte said that the 51 was enough for now, one of the sources said.

One source characterized the cuts as thoughtful and methodical. No staffers have been removed from the counterterrorism group.

No further firings are planned for now, two of the sources said.

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The cuts follow hundreds of staff reductions last year by former Director of National Intelligence Tulsi Gabbard, who stepped down last week. Last year’s planned downsizing sought to bring the office’s headcount from 2,000 to around 1,300.

President Trump has pushed for further cuts, directing Pulte to “execute the immediate and needed downsizing of the office” in a Truth Social post earlier this month.

The office is charged with overseeing the country’s intelligence agencies and helping them coordinate with each other. It was created in response to the Sept. 11, 2001, terrorist attacks, which investigators widely believe was preceded by a failure of intelligence agencies to share information. 

Since then, Gabbard and some lawmakers have argued the ODNI has become bloated and has added more bureaucracy to the intelligence community — worsening a problem it was created in part to resolve. 

Republican Sen. Tom Cotton of Arkansas, who chairs the Senate Intelligence Committee, said earlier this month the office has “grown far beyond its original mandate.”  Many of the office’s staff hail from other intelligence agencies but have been detailed to ODNI, and Cotton argued large numbers of them should be returned to their “home agencies.”

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Sen. Mark Warner and Rep. Jim Himes, the top Democrats on the Senate and House intelligence panels, warned Pulte against making large-scale staff cuts, calling it an inappropriate course of action for an acting official without national security experience.

“While there is room to consider responsible reductions to ODNI’s workforce, any large cuts would follow on a substantial downsizing that has already occurred in 2025 and risk jeopardizing the mission of an organization explicitly created after 9/11 to prevent any future such terrorist attack,” the two Democrats wrote in a joint statement.

After Gabbard announced in May that she would resign from the post, Mr. Trump said he would install Pulte, a housing finance official, as acting director of national intelligence. He later nominated Jay Clayton, the top federal prosecutor in Manhattan, to serve as Senate-confirmed director.

Mr. Trump’s pick for acting director of national intelligence, who assumed the role on Friday, has sparked intense pushback in Congress. Democrats, and some Republicans, questioned the selection due to his lack of national security experience. 

Democratic Rep. Jason Crow of Colorado said Sunday he’s worried that “Americans are at risk” with Pulte serving as DNI “because we have someone who’s incompetent at the head of this agency,” in an interview on “Face the Nation with Margaret Brennan.”

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In addition to Pulte’s lack of national security experience, Democrats have railed against the pick for his role in investigations into Mr. Trump’s political foes. Crow, who serves on the House Intelligence Committee, said he’s “obviously concerned that this is somebody who’s a political attack dog, and his single biggest qualification is that he’s loyal to Donald Trump and is willing to go after Donald Trump’s enemies.” But he said more immediately, he’s concerned about Americans’ safety.

“This is a really important position. This sits atop our intelligence agencies, and by law, Congress mandated that this person have significant intelligence experience because they have to make sure that we’re keeping Americans safe, which is not what Bill Pulte is capable of doing,” Crow said. 

Since Pulte’s selection, Democrats have declined to extend Section 702 of the Foreign Intelligence Surveillance Act, which grants intelligence agencies broad authority to spy on overseas targets, causing the legal provision to expire earlier this month

And as Senate GOP leaders tried to bring an end to the impasse by moving to quickly confirm Clayton as permanent director of national intelligence, the president abruptly called for Clayton’s confirmation hearing to be canceled last week.

Talks on extending FISA Section 702 were already strained, with some members of both parties pushing for stricter guardrails and arguing the program can scoop up Americans’ communications without a warrant. Intelligence officials say the program is essential to national security.

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Asked whether Democrats have miscalculated, Crow said “not at all.”

“I know how important it is, but I’m unwilling to trade Americans’ constitutional rights, privacy and essential civil liberties for temporary extension to this program,” Crow said.

Republican Sen. Lindsey Graham of South Carolina said on “Face the Nation” that “any Democrat that shuts down FISA at a time of great peril for the United States is making a huge mistake.”

“We’re playing with fire here, no matter what side does it,” Graham said. “America needs FISA up and running.”

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