Crypto

Sam Bankman-Fried fights to get 110-year prison sentence reduced

Sam Bankman-Fried fights to get 110-year prison sentence reduced
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The scammer and FTX cryptocurrency exchange founder is pleading for mercy

Attorneys for Sam “SBF” Bankman-Fried have filed a request in the US District Court for the Southern New York District for a prison sentence of between five and a quarter and six and a half years for their client. The former CEO of the failed cryptocurrency exchange FTX is facing a maximum of 110 years after being found guilty of several counts of money laundering and fraud last November.

The indictment included two counts each of wire fraud and wire fraud conspiracy, one count of securities fraud, one count of money laundering conspiracy and one count of commodities fraud conspiracy. Presiding Judge Lewis Kaplan will hand down his sentence on March 28.

Federal prosecutors expect to present their sentencing recommendations on March 15. The Pre-sentence Investigation Report (PSR) recommends that the former FTX CEO serve a 100-year sentence for his crimes.

FTX lawyers claimed that the PSR suggesting a 100-year sentence is atrocious, as the defendant has no past criminal record and entered into the conduct accompanied “by at least four other culpable individuals, in a matter where victims are poised to recover — were always poised to recover — a hundred cents on the dollar.”

The filing suggests that the damage to customers, lenders and investors is zero, as the FTX bankruptcy estate expects to repay customers in full.

SBF has been detained at the Metropolitan Detention Center in Brooklyn, New York, since last summer. Several stories about his time at the facility have surfaced, including a recent New York Times report that SBF is giving investment and trading tips and suggested to correctional officers that they should invest in Solana.

FTX went from one of the biggest crypto exchanges, valued at $32 billion in 2022, before collapsing and filing for bankruptcy in November of that year.

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