FTX Founder Sam Bankman-Fried’s Legal Team Challenges Sentencing Recommendation
In response to the Department of Justice’s sentencing recommendation for FTX founder Sam Bankman-Fried, his legal team has submitted a letter to District Judge Lewis Kaplan contesting the proposal. The prosecutors had suggested a prison term of 40 to 50 years for Bankman-Fried, but his lawyers find the memorandum “disturbing” and believe it presents a distorted version of reality.
Unfair Portrayal and Excessive Punishment
The lawyers argue that the memorandum unfairly portrays Bankman-Fried as a “supervillain” figure with exaggerated and unfounded motives. They criticize the extreme predictions about his future behavior and advocate against an excessively harsh punishment that equates to a lifetime behind bars. According to them, this kind of sentencing would be unjust.
“Hellbent on portraying Sam as a monster, the government makes repeated references to his ‘unmatched greed’ and his supposed ruthless desire to maximize his personal wealth. This is a simple, seductive narrative. It is also a false one. The word ‘greed’ was never uttered by any trial witness. And the government snubs the people who have known Sam for years and tout his selflessness.”
The lawyers further assert that individuals like Bankman-Fried, who have no prior criminal record, are less likely to commit further offenses. They argue that the severity of the offense itself does not indicate a higher likelihood of re-offending.
They also highlight research indicating that individuals with higher levels of education, such as a college degree, are less prone to “recidivism.” This suggests that Bankman-Fried’s background, despite being convicted of fraud and other charges last year, supports a lower risk of repeating criminal behavior.
Sam Bankman-Fried’s Conviction and Charges
Last year, Bankman-Fried was convicted by a New York jury for deceiving investors of FTX and Alameda Research in November. The charges against him include two instances of wire fraud, two instances of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy.
During the trial, the defense team urged the court to consider a sentence ranging from 63 to 78 months, criticizing the proposed 100-year sentence in the pre-sentence report as extreme.
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