NEW YORK – Former crypto mogul Sam Bankman-Fried is set to learn his fate on Thursday as he faces the prospect of a lengthy prison sentence for his involvement in the 2022 collapse of FTX, once a leading platform for trading digital currency worldwide.

Bankman-Fried, 32, found himself in a starkly different situation compared to a year earlier when he and his companies were basking in success, marked by a Super Bowl advertisement and endorsements from high-profile figures like quarterback Tom Brady and comedian Larry David. However, a jury verdict last November found Bankman-Fried guilty of fraud and conspiracy.

Prosecutors are pushing for a sentence ranging from 40 to 50 years, citing the defendant’s crimes of defrauding numerous individuals and businesses across continents over several years. Among the allegations are the misuse of FTX depositors’ funds for personal expenses, including luxury properties in the Caribbean, purported bribes to Chinese officials, and private jets.

Bankman-Fried’s defense team, as well as friends and family, are advocating for leniency, arguing that the former crypto executive is unlikely to offend again. They contend that FTX’s investors have largely recovered their funds, a claim disputed by bankruptcy attorneys, FTX, and its creditors.

FTX CEO John Ray, who has been working to salvage the bankrupt company, painted a grim picture of the situation left behind by Bankman-Fried, asserting that the business was neither solvent nor secure. Bankman-Fried’s attorney, Marc Mukasey, criticized a probation office’s recommendation of a 100-year sentence, deeming it “grotesque” and “barbaric,” and instead proposed a term of five to 6 1/2 years.

At one point, Bankman-Fried was worth billions as the co-founder and CEO of FTX, the world’s second-largest cryptocurrency exchange. The platform allowed investors to trade various digital currencies, from Bitcoin to more niche ones like Shiba Inu Coin. However, the collapse of cryptocurrency prices in 2022 took its toll on FTX, prompting its downfall.

Bankman-Fried’s attempt to shore up losses within FTX’s hedge fund affiliate, Alameda Research, by using customer funds ultimately led to legal repercussions. Testimony from three individuals in Bankman-Fried’s inner circle, including his former girlfriend Caroline Ellison, painted him as a mastermind behind the fraudulent activities. Ellison and two other associates testified that Bankman-Fried directed them to engage in unlawful behavior.