Sam Bankman Freed faces the prospect of decades in prison, but the disgraced FTX founder is making a final plea for leniency from a federal judge.
In a filing Tuesday night, Bankman Freed's new legal team told Judge Lewis Kaplan, who oversaw last fall's criminal trial, that a jury found seven fraud-related charges related to the November 2022 bankruptcy. He oversaw the criminal trial that resulted in the conviction of Mr. Bankman Freed in the case. Crypto Empire, FTX.
In a 98-page document filed along with a series of letters in support of Bankman Fried, lawyers argue that their client can only serve 63 to 78 months in prison, with a maximum sentence of 115 years. He argued that the sentence was relatively light compared to the previous sentence. he is facing
“Sam Bankman-Freed is a “sociopath,'' “a man with no morals, conscience, or empathy,'' and “an icy manipulator, bully, and shameless liar.'' ,” the lawyers said in a preliminary statement. . “They don't know the real Sam Bankman Freed.”
Collapse of the virtual currency king
The rise and fall of Sam Bankman Fried's FTX exchange, which once graced a Super Bowl commercial and is valued at more than $30 billion, has attracted international attention. The disgraced tycoon oversaw a crypto empire in the Bahamas that attracted top venture capitalists and celebrities until the walls came down in 2022 amid a widespread crypto collapse.
Ugly details about Bankman Freed and the company emerged soon after the collapse. Rather than create a challenger to the global financial system, Bankman Fried directed his aides to commit massive fraud, stealing customers' deposits and using them to invest in his own company. Noda. For luxury real estate and start-up companies.
The uproar surrounding Bankman-Freed's criminal proceedings began after U.S. authorities extradited him from the Bahamas at the end of 2022. At his trial in October 2023, less than a year after the bankruptcy, prosecutors called FTX executives, several of whom were former close friends of Bankman Fried, as witnesses. As emotions in the trial reached a fever pitch, Bankman Freed's ex-girlfriend and former executive at his trading company, Caroline Ellison, revealed that Bankman Freed had convinced her to commit her crimes. He testified that he gave instructions.
Victimized by his lawyer's lackluster defense, Bankman Fried took the stand under brutal cross-examination from Justice Department prosecutor Daniel Sassoon, mounting a weak defense of his actions. His conviction was swift, with a jury finding him guilty of all seven charges, including fraud.
Throw a book?
After his bail was revoked in August for leaking documents to police. new york times Mr. Bankman Freed was detained in Brooklyn's Metropolitan Detention Center in August and will remain there until his sentencing. That date is fast approaching, with a hearing set for March 28th.
The memo filed Tuesday by Bankman Fried's attorneys is a procedural step before sentencing. The application was written by Bankman Fried's new team of lawyers, including Mark Mukasey, who previously represented Donald Trump and is known for his fiery court appearances.
In the document, the lawyers reiterated previous arguments used by Bankman Freed's legal team, including that there was no harm to customers, lenders or investors. They are nodding to the announcement that the FTX Bankruptcy Foundation intends to repay customers in full, but the result is due to the rise in crypto prices, and the foundation will repay its crypto holdings at the value at the time of bankruptcy. It turns out. It hit a low thanks to the collapse of FTX.
The lawyers also argue that Bankman-Fried “occasionally appears as a contradiction” and point out that his “neurodiversity” affects his views. Bankman Freed's attorneys previously asked prospective jurists to ask questions about whether his ADHD would affect his sentencing.
They also argue that Bankman Freed should not be compared to fellow fraudster Bernie Madoff, who was sentenced to 150 years in prison because Bankman Freed started a real business. Rather, he should be treated in the same way as Theranos founder Elizabeth Holmes and “bond king” Michael Milken, who received only 135 months in prison.
The attorneys supplemented the memo with a 29-word statement supporting Bankman Fried. Among them was that of his younger brother Gabe, who had kept a low profile throughout the criminal proceedings due to his involvement in FTX's philanthropic activities.
“Sam gave his heart, time and energy to philanthropy, which I believe made the world a better place,” Bankman Freed's brother wrote.
The prosecution plans to submit its own sentencing recommendation by March 15th.
