Attorneys for former FTX CEO Sam "SBF" Bankman-Fried have filed a motion in federal district court in Manhattan asking a federal judge to sentence SBF to between five and a quarter and six and a half years in prison after a jury found him guilty of multiple counts of fraud and money laundering last November. The maximum sentence, therefore, is 110 years.
SBF was charged with two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of securities fraud, one count of conspiracy to commit commodities fraud and one count of conspiracy to commit money laundering. On March 28, the federal judge hearing the SBF case, Louis A Kaplan, is scheduled to impose sentence.
Federal prosecutors were due to submit their sentencing recommendations on March 15, but a preliminary report (PSR) recommended a 100-year sentence for the former #FTX CEO.
FTX attorneys argued that the PSR's recommendation of a 100-year sentence was "barbaric" because SBF was a first-time offender with no criminal record and "joined at least four other guilty parties in a case where the victim could get - and always has gotten - 100 cents on the dollar.
Because FTX's bankruptcy provides for full restitution to customers, the submission said there would be zero damages to customers, creditors and investors. Legal counsel also cited numerous letters from friends and family strongly supporting a lenient resolution.
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FTX was one of the largest crypto exchanges, valued at $32 billion in January 2022, but collapsed in November of that year; SBF was found guilty of mismanaging $8 billion in customer funds and many other fraudulent activities.
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