FTX Founder’s Lawyers Denounce Prosecutors’ Push for 50-Year Sentence as ‘Disturbing’

FTX Founder’s Lawyers Denounce Prosecutors’ Push for 50-Year Sentence as ‘Disturbing’

Crypto News – Attorneys representing Sam Bankman-Fried, the former CEO of FTX, have vehemently opposed the severe sentencing recommendations put forth by US prosecutors. The government has suggested a minimum of 40 to 50 years in prison for Bankman-Fried, citing the gravity of his offenses under federal guidelines.

In a letter addressed to Judge Lewis Kaplan, Bankman-Fried’s legal counsel criticized the prosecution’s stance, labeling it as “disturbing” and accusing them of advocating for a medieval approach to punishment akin to a life sentence. They rebuked the government’s portrayal of Bankman-Fried as a villain and argued that their narrative of financial losses was distorted.

Moreover, the defense highlighted the ongoing FTX bankruptcy proceedings, which they believe will ultimately compensate the exchange’s stakeholders fully. They asserted that contrary to the prosecution’s claims, there were no actual losses as the funds remained available, with assets intact. They assured that each referenced victim would receive full restitution, plus interest.

Rather than the proposed decades-long imprisonment, Bankman-Fried’s legal team urged the judge to consider a significantly shorter sentence of five to six years, aligning more closely with appropriate sentencing guidelines for his crimes.

Bankman-Fried was found guilty on seven counts related to fraud and conspiracy by a jury on November 2, 2023, with his sentencing hearing scheduled for March 28. Prosecutors have opted against pursuing a second trial, which would likely result in additional charges, in favor of a prompt resolution.

Former prosecutor Rich Cooper and defense lawyer Sam Enzer, speaking on an episode of Unchained with Laura Shin, shed light on why Bankman-Fried faces the prospect of spending decades behind bars.