Lawyers for disgraced FTX founder Sam Bankman-Fried told the judge on Tuesday that the punishment for his conviction on stealing $8 billion from investors should be from 63 to 78 months. They asked that the recommended 100-year sentence be disregarded.
Attorney Marc Mukasey on Tuesday claimed that probation officers “improperly” reached the recommended century of incarceration.
Prosecutors countered this claim and asserted it was supported by evidence presented at the trial.
Lawyers for FTX founder Sam Bankman-Fried suggested to a US judge that a sentence ranging between 63 -78 months would be an appropriate punishment for his conviction on charges of stealing $8 billion from customers of his cryptocurrency exchange https://t.co/ppX4DCwIQ8
— Reuters (@Reuters) February 28, 2024
Bankman-Fried’s “neurodiversity” and “kindness” were also cited by his defenders. They disputed the impression that their client is “a man with no morals, remorse or empathy.”
His lawyers said that those who believe Bankman-Fried is “an ice-cold manipulator, bully and shameless liar” do not know the real person. Instead, the defendant is “full of regret” for the damage caused to family, friends “and the causes he cared so deeply about.”
One of those causes was the Democratic Party, which received millions from the accused.
Sentencing for the former billionaire is set for March 28. The request for leniency for Bankman-Fried, who turns 32 next week, was made to U.S. District Judge Lewis Kaplan.
The convicted FTX founder faces a total of 110 years in prison after being found guilty on seven counts of fraud and conspiracy. The U.S. Attorney’s office in Manhattan is also expected to release its recommendation for sentencing by March 15.
The crimes Bankman-Fried was found guilty of constituted one of largest cases of financial fraud in U.S. history, according to Manhattan prosecutor Damian Williams.
It was Nov. 2022 when FTX collapsed, costing cryptocurrency investors billions. Just a month later Williams’ office brought charges against Bankman-Fried.
During his trial, three former colleagues testified that they were directed by the defendant to siphon funds from FTX customers. These were to be used to fill in financial gaps in his Alameda Research hedge fund.
All the while, Bankman-Fried purported to be a solid protector of customer investments in the new world of crypto markets. Money skimmed from his companies went for luxury real estate and to prop up Democratic politicians who favored lax regulations on cryptocurrency.
