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Tags: bankman | fried | crypto | fraud | trial | sentence | 100

SBF Lawyers Seek Lighter Sentence in FTX Fraud Appeal

By    |   Wednesday, 28 February 2024 07:41 PM EST

The lawyers of FTX founder Sam Bankman-Fried requested a lighter sentence for their client on Tuesday, arguing that a 100-year sentence was "barbaric" and "grotesque," according to The Hill.

FTX, once one of the most respected crypto exchanges, "lost more than $8 billion of its customers' money," Time magazine reported in Dec. 2022. Bankman-Fried was found guilty of various charges of fraud and conspiracy by a jury last year. He now faces a maximum sentence of 110 years in jail.

On Tuesday, his lawyers filed a memorandum, stating that the pre-sentence report (PSR) prepared by probation officers contained errors in its calculation for a 100-year sentence.

"The PSR recommends that the Court sentence Sam to 100 years in prison. That recommendation is grotesque," his lawyers wrote. Bankman-Fried's attorneys go on to make the argument that the FTX founder should be held for a 63 to 78-month sentence instead.

"The PSR’s Guidelines range is driven by an incorrect loss enhancement and several other objectionable enhancements," Bankman-Fried's lawyers contest in the memo. "Additionally, the offense level substantially overstates the seriousness of Sam’s offense, which warrants a downward departure; and the arbitrary application of consecutive sentences, rather than concurrent sentences, results in the ruthless Guidelines outcome."

Making note of Bankman-Fried's regret, his attorneys add that his "personal history and characteristics strongly support a lenient sentence."

"Those who know Sam also know how deeply, deeply sorry he is for the pain he caused over the last two years," they added.

Prosecutors must file their sentencing recommendations by March 15.  Bankman-Fried is scheduled to be sentenced on March 28, as reported by the The Associated Press.

Nick Koutsobinas

Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.

© 2024 Newsmax. All rights reserved.


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The lawyers of FTX founder Sam Bankman-Fried argued that a 100-year sentence was "barbaric" and "grotesque," according to The Hill.
bankman, fried, crypto, fraud, trial, sentence, 100
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2024-41-28
Wednesday, 28 February 2024 07:41 PM
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