The "victims" knew they were intentionally avoiding government oversight of securities law, banking regulators, etc. When they lost money we should have collectively shrugged our shoulders and said that's the risk they chose to take.
Or would folks here suggest the numerous HN contributors who have worked in gambling tech are deserving of life in prison as well?
If SBF told everyone loud and clear "hey guys you can give me money and I will use it to gamble on my favorite crypto tokens and play board games with Caroline" then I don't think he would deserve a prison sentence (but he also wouldn't get any customers). It's the deception that makes it a crime.
I would enumerate a number of immediate logical consequences of this idiocy, but that would be illegal (a shame, really).
There was a trial and now a sentencing, your argument according to law is wrong.
*: yes stupid, not an ad hominem https://www.youtube.com/watch?v=ww47bR86wSc