Sam Bankman-Fried Seeks Leniency in 110-Year Prison Term

Sam “SBF” Bankman-Fried’s counsel have filed a motion in the US District Court for the Southern New York District, marking a significant shift in the legal proceedings for the former CEO of FTX. Bankman-Fried faces a maximum penalty of 110 years, and the proposal is for a jail term ranging from five and a quarter to six and a half years.

In November of last year, Bankman-Fried was found guilty on number of crimes, including securities fraud, money laundering, wire fraud, and commodities fraud conspiracy. Presiding Judge Lewis Kaplan will preside over the sentence, which is set for March 28. The recommendations of the federal prosecutors will be presented on March 15. Currently, Bankman-Fried’s Pre-sentence Investigation Report (PSR) recommends a 100-year sentence.

Defense Argument

FTX lawyers challenge the severity of the recommended sentence, emphasizing Bankman-Fried’s lack of prior criminal record and the circumstances surrounding his involvement. They argue that the PSR’s proposal fails to consider mitigating factors, such as Bankman-Fried’s cooperation and the expectation of full repayment to victims through the FTX bankruptcy estate.

Since last summer, Bankman-Fried has been held at the Brooklyn Metropolitan Detention Center. The actions of Bankman-Fried while his incarceration have come to light because to recent media coverage, including an article by the New York Times. Among his recommendations to jail staff were investments in Solana and advise on investments.

After falling sharply from its $32 billion valuation in 2022, FTX filed into bankruptcy in November of that same year. The scene for cryptocurrencies has changed significantly after FTX, one of the biggest exchanges, collapsed.