04:09 PM EDT, 03/15/2024 (MT Newswires) -- Federal prosecutors want Sam Bankman-Fried to spend between 40 to 50 years in prison, according to court documents filed on Friday.

Bankman-Fried was convicted Nov. 2 on seven counts, including wire fraud and conspiracy to commit securities and commodities fraud, for his role in the collapse of FTX Trading and its affiliated Alameda Research. He was accused of using the cryptocurrency brokerage to misappropriate at least $8 billion of investor funds.

"Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes," the US government wrote in its sentence.

Bankman-Fried's lawyers previously have argued he should go to prison for 63 to 78 months, contending he did not set out to steal and many investors still may get their money back. Sentencing hearing is scheduled for March 28 in US District Court for the Southern District of New York.