A lawyer for FTX founder Sam Bankman-Fried has criticized a suggested 100-year prison sentence as 'grotesque' and 'barbaric,' arguing that a term of a few years behind bars would be more appropriate for the cryptocurrency crimes he still disputes. The lawyer contends that the Probation office improperly calculated federal sentencing guidelines, recommending a sentence just 10 years short of the maximum potential 110-year sentence.
Bankman-Fried, accused of cheating investors and customers of at least $10 billion in businesses he controlled from 2017 through 2022, faces sentencing on March 28. Despite his FTX trading platform being seen as a pioneer in the cryptocurrency industry before its collapse into bankruptcy in November 2022, Bankman-Fried was convicted of fraud and conspiracy charges at a November trial.
The lawyer argues that a proper sentence should be between five and 6 1/2 years in prison at most, considering Bankman-Fried's charitable works and commitment to others. Describing him as a 'brilliant, complex, and humane person,' the lawyer urges the judge to reject the 'barbaric proposal' for a first-time, non-violent offender.
Bankman-Fried's parents, both Stanford Law School professors, have defended him, refuting the media portrayal of him as a luxury-laden billionaire driven by greed. They emphasize his remorse for the collapse of FTX and the impact it had, highlighting his struggles with anhedonic depression and the lifelong consequences he will face.
Despite the challenges ahead, Bankman-Fried's lawyer remains hopeful that a fair and just sentence will allow him to reintegrate into society and move forward from this difficult chapter in his life.
