US Markets
Wednesday, February 28th, 2024 5:15 pm EDT
Key Points
- Lawyers for Sam Bankman-Fried seek a shorter sentence, contrasting it with the 100 years recommended by a presentence investigation report.
- They propose a prison term between 63 and 78 months, emphasizing Bankman-Fried’s neurodiversity, selflessness, and disputing claims of causing billions in losses.
- The defense portrays Bankman-Fried as remorseful for the harm caused and highlights his personal history, psychological makeup, and charitable endeavors, advocating for a sentencing akin to that of Michael Milken to allow him to make positive contributions post-prison.
In a new court filing, lawyers for Sam Bankman-Fried are advocating for a shorter sentence, akin to the 10-year term served by “junk bond king” Michael Milken, instead of the 100 years suggested by a presentence investigation report. Bankman-Fried’s attorneys propose a sentence ranging from 63 to 78 months in prison, citing his neurodiversity, selflessness, and kindness. They refute claims of him causing billions of dollars in losses due to fraud at his cryptocurrency exchange FTX and hedge fund Alameda Research, portraying him as remorseful for the harm caused. Bankman-Fried’s personal history and psychological makeup, including his struggles with anhedonic depression and neurodiversity, are detailed in the filing, which argues against a lengthy sentence due to his vulnerability in a prison environment. The defense asserts that Bankman-Fried is not a risk for further crimes and has already suffered significantly from the poor conditions in jail. Drawing parallels to Michael Milken’s case, they suggest that Bankman-Fried, if given a chance, would dedicate his post-prison life to charitable endeavors, consistent with his commitment to effective altruism. The filing aims to persuade the judge to reject the recommended 100-year sentence and opt for a more lenient approach, considering Bankman-Fried’s personal circumstances and potential for positive impact beyond incarceration.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/28/ftx-fraudster-sam-bankman-fried-seeks-less-than-7-years-in-prison.html
