The lawyer representing Sam Bankman-Fried, the founder of
FTX, urged US District Judge Lewis Kaplan yesterday (Tuesday) to consider a
lenient sentence for his client’s conviction related to the alleged
misappropriation of funds from customers of the now-defunct cryptocurrency
exchange. Bankman-Fried’s attorney, Marc Mukasey, emphasized that most clients
would likely recover their funds, mitigating the severity of the situation.
The sentencing submission presented by Mukasey proposed a
prison term ranging between five years and three months to six years and six
months, a notably shorter duration compared to the maximum sentence of 110
years that Bankman-Fried faces following his conviction on seven counts of
fraud and conspiracy. Prosecutors had labeled the case as one of the most
significant financial frauds in American history.
Bankman-Fried, who pleaded not guilty to the charges,
intends to appeal both his conviction and the anticipated sentence. Throughout
the trial, he maintained that any errors in managing FTX were not indicative of
an intention to defraud customers, underscoring his commitment to rectifying
the situation.
Scheduled for sentencing on March 28, Bankman-Fried, who
will turn 32 next week, stands at a critical juncture as the court weighs the
appropriate punishment. In a bid to influence the court’s decision, letters of
support from his parents, psychiatrist, and other well-wishers were submitted
alongside Mukasey’s plea for leniency.
Sam Bankman-Fried says 63 to 78 mths should guide sentencing for FTX fraud https://t.co/sHNoMxCROp pic.twitter.com/yzhNqdiUTP
— Reuters (@Reuters) February 28, 2024
US Attorney’s Office to Issue Recommendation
Joseph Bankman and Barbara Fried, Bankman-Fried’s parents,
recounted their son’s diligent efforts to restore customers’ funds following
FTX‘s collapse in November 2022, underscoring his altruistic intentions amid
the tumultuous period preceding his arrest.
Mukasey vehemently criticized the probation officers’
recommendation of a 100-year guidelines range, dismissing it as
“barbaric” and contesting the notion that Bankman-Fried had knowingly
defrauded customers. He highlighted FTX’s recent assurances regarding the full
repayment of customers, asserting that Bankman-Fried
had consistently aimed to uphold his financial obligations.
The sentencing deliberations remain fluid, as the US
Attorney’s office in Manhattan is poised to present its sentencing
recommendation by March 15, further shaping…
