Sam Bankman-Fried attorneys decry proposed 100 12 months sentence as ‘barbaric,’ seeks 78 months

Sam Bankman-Fried, the founding father of the now-defunct FTX trade, is pushing for a lighter jail time period, aiming for 78 months or much less, in accordance with a Feb. 27 courtroom filing.

Bankman-Fried’s authorized staff, led by Marc Mukasey, criticized the Pre-sentence Investigation Report (PSR) suggestion of a 100-year sentence as “barbaric.” The attorneys highlighted SBF’s standing as a first-time offender and the potential for FTX shoppers to recuperate most of their funds.

His attorneys additional contended that FTX’s monetary standing at chapter indicated no precise hurt to shoppers, lenders, or traders. They clarified that the $eight billion deficit cited by the federal government merely mirrored a brief scarcity in liquid property on account of a unprecedented surge in buyer withdrawals.

“If FTX had halted withdrawals on November eighth with $eight billion in withdrawal requests pending after which resumed withdrawals on November 15th after promoting ample property to cowl the $eight billion, then there wouldn’t have been any buyer ‘losses,’” the attorneys defined.

As well as, Bankman-Fried’s attorneys confused their shopper’s instructional background, philanthropic endeavors, and dedication to rectifying losses stemming from FTX’s collapse.

As such, the attorneys informed US District Choose Lewis Kaplan {that a} diminished jail sentence could be applicable for SBF. They wrote:

“A sentence of decades-long period would finish Sam’s skill to guide a significant life and contribute to the neediest in society and could be better than essential to serve the needs of 18 U.S.C. § 3553(a)(2).”

SBF was convicted on a number of counts of fraud and cash laundering final November. He faces a possible most sentence of 110 years, and his sentencing has been scheduled for March 28.

Bankman-Fried final appeared in courtroom on Feb. 21, the place he waived potential conflicts of interest for his authorized illustration, representing former Celsius CEO Alex Mashinsky.

In the meantime, the FTX founder has reportedly been giving crypto suggestions on the Brooklyn Metropolitan Detention Middle, the place he’s incarcerated. In keeping with a New York Instances report, SBF suggested correctional officers to put money into Solana, a digital asset with which he has a long history of association.