7 months ago
Sam Bankman-Fried, the laminitis of the now-defunct FTX exchange, is pushing for a lighter situation term, aiming for 78 months oregon less, according to a Feb. 27 tribunal filing.
Bankman-Fried’s ineligible team, led by Marc Mukasey, criticized the Pre-sentence Investigation Report (PSR) proposal of a 100-year condemnation arsenic “barbaric.” The lawyers highlighted SBF’s presumption arsenic a first-time offender and the imaginable for FTX clients to retrieve astir of their funds.
His lawyers further contended that FTX’s fiscal presumption astatine bankruptcy indicated nary existent harm to clients, lenders, oregon investors. They clarified that the $8 cardinal shortage cited by the authorities simply reflected a impermanent shortage successful liquid assets owed to an bonzer surge successful lawsuit withdrawals.
“If FTX had halted withdrawals connected November 8th with $8 cardinal successful withdrawal requests pending and past resumed withdrawals connected November 15th aft selling capable assets to screen the $8 billion, past determination would not person been immoderate lawsuit ‘losses,'” the lawyers explained.
In addition, Bankman-Fried’s attorneys stressed their client’s acquisition background, philanthropic endeavors, and committedness to rectifying losses stemming from FTX’s collapse.
As such, the lawyers told US District Judge Lewis Kaplan that a reduced situation condemnation would beryllium due for SBF. They wrote:
“A condemnation of decades-long duration would extremity Sam’s quality to pb a meaningful beingness and lend to the neediest successful nine and would beryllium greater than indispensable to service the purposes of 18 U.S.C. § 3553(a)(2).”
SBF was convicted connected aggregate counts of fraud and wealth laundering past November. He faces a imaginable maximum condemnation of 110 years, and his sentencing has been scheduled for March 28.
Bankman-Fried past appeared successful tribunal connected Feb. 21, wherever helium waived imaginable conflicts of interest for his ineligible representation, representing erstwhile Celsius CEO Alex Mashinsky.
Meanwhile, the FTX laminitis has reportedly been giving crypto tips astatine the Brooklyn Metropolitan Detention Center, wherever helium is incarcerated. According to a New York Times report, SBF advised correctional officers to put successful Solana, a integer plus with which helium has a long past of association.
The station Sam Bankman-Fried lawyers decry projected 100 twelvemonth condemnation arsenic ‘barbaric,’ seeks 78 months appeared archetypal connected CryptoSlate.
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