Sam Bankman-Fried lawyers decry proposed 100 year sentence as ‘barbaric,’ seeks 78 months

Sam Bankman-Fried, the founding father of the now-defunct FTX replace, is pushing for a lighter penal advanced term, aiming for 78 months or much less, based fully mostly on a Feb. 27 court docket filing.

Bankman-Fried’s compatible team, led by Marc Mukasey, criticized the Pre-sentence Investigation Train (PSR) recommendation of a 100-300 and sixty five days sentence as “barbaric.” The lawyers highlighted SBF’s situation as a first-time perpetrator and the ability for FTX purchasers to salvage greater most of their funds.

His lawyers additional contended that FTX’s monetary situation at economic kill indicated no accurate spoil to purchasers, lenders, or merchants. They clarified that the $8 billion deficit cited by the authorities merely reflected a non permanent shortage in liquid resources on account of a rare surge in customer withdrawals.

“If FTX had halted withdrawals on November eighth with $8 billion in withdrawal requests pending after which resumed withdrawals on November 15th after selling ample resources to veil the $8 billion, then there ought to now now not comprise been any customer ‘losses,’” the lawyers explained.

As well to, Bankman-Fried’s attorneys wired their consumer’s tutorial background, philanthropic endeavors, and dedication to rectifying losses stemming from FTX’s collapse.

As such, the lawyers suggested US District Possess Lewis Kaplan that a diminished penal advanced sentence will be acceptable for SBF. They wrote:

“A sentence of decades-long duration would cease Sam’s ability to e book a essential life and make a contribution to the neediest in society and will be elevated than essential to support the functions of 18 U.S.C. § 3553(a)(2).”

SBF changed into convicted on a few counts of fraud and money laundering final November. He faces a doable most sentence of 110 years, and his sentencing has been scheduled for March 28.

Bankman-Fried final seemed in court docket on Feb. 21, the place he waived doable conflicts of hobby for his compatible illustration, representing earlier Celsius CEO Alex Mashinsky.

Meanwhile, the FTX founder has reportedly been giving crypto guidelines at the Brooklyn Metropolitan Detention Heart, the place he’s incarcerated. Based fully on a Unusual York Cases report, SBF suggested correctional officers to make investments in Solana, a digital asset with which he has a protracted history of association.