Sam Bankman-Fried Lawyers Seek Just 6.5-Year Sentence For FTX Fraud
Lawyers for FTX founder Sam Bankman-Fried urged a federal judge to impose a prison sentence of just 6.5 years.
The proposed prison time is just a fraction of the maximum 20 years possible for fraud counts related to the crypto exchange’s collapse.
In a 98-page sentencing memo, attorneys argued the 31-year-old’s previous philanthropy and commitment to others warranted a punishment no stricter than necessary to fit the crimes.
Key Arguments:
- Highlighted SBF’s past generous acts and charity.
- 6.5 years would allow a “prompt return to society.”
- Forfeitures are not justified given customer paybacks.
- Bankruptcy process: compensating creditors already
- The judge’s decision could influence other crypto cases.
Read more: Bitfinex Hacker Details How He Pulled Off $4.5B Crypto Heist
Sam Bankman-Fried lawyers cite his contributions
The latest plea acknowledges that Bankman-Fried faces responsibility for orchestrating the FTX fraud but seeks leniency given his clean prior record and broader contributions to societal good.
Prosecutors have until March 15th to counter with their own recommended sentencing position. They had previously leveled eight criminal counts carrying a cumulative 20-year maximum against SBF.
Read more: Tether CEO Foresees Pension Funds And Corporations Embracing Bitcoin
By recruiting experienced white-collar defense lawyer Marc Mukasey, Bankman-Fried signals his intent to minimize sentencing despite last year’s sweeping conviction.
Mukasey boasts a track record of securing surprisingly favorable outcomes for high-profile business clients charged with wrongdoing.
His hiring comes just ahead of the March 28th court date, where Judge Lewis A. Kaplan will finalize any prison time, fines, or other penalties for the man who formerly ranked among crypto’s highest fliers.
