Sam Bankman-Fried’s legal professionals criticize prosecutors’ 50-year jail proposal as distorted, amid wire fraud and conspiracy accusations associated to his crypto empire’s downfall.
U.S. prosecutors’ proposal to place FTX founder Sam Bankman-Fried in jail for so long as 50 years adopts a “medieval view of punishment,” because the submitting portrays the disgraced crypto entrepreneur as a “wicked super-villain,” Bloomberg reports, citing a written response from Bankman-Fried’s legal professionals on the proposal.
Nonetheless, prosecutors assert {that a} sentence starting from 40 to 50 years is warranted for Bankman-Fried’s involvement in what they describe as a “historic” crime, which focused over 1 million victims and resulted in losses exceeding $10 billion as a result of collapse of FTX. Bankman-Fried’s protection staff disagrees, proposing a jail time period of 5.25 to six.5 years, and emphasizing that regardless of FTX’s collapse, the alternate’s shoppers have been reimbursed.
“With marked hostility, the memorandum distorts actuality to help its valuable ‘loss’ narrative and casts Sam as a wicked super-villain; it attributes to him darkish and megalomaniacal motives that fly within the face of the report; it makes apocalyptic prophecies of recidivism; and it adopts a medieval view of punishment to achieve what quantities to a death-in-prison sentencing advice.”
Bankman-Fried’s protection staff
In November 2023, a jury unanimously convicted the FTX founder on all seven prison expenses. FTX and Alameda Analysis declared chapter in November 2022 because the disaster unfolded. As crypto.information reported, the chapter filings revealed a chaotic and financially unsound setting inside FTX, with court docket paperwork suggesting that the corporate owed over $3 billion to its prime 50 collectors. Bankman-Fried’s sentencing is due Mar. 28 at 9:30 a.m. ET.