FTX Founder SBF Tells Prison Guards to Buy Solana
28 Feb, 2024 ● Crypto News
Legal representatives for former FTX CEO Sam “SBF” Bankman-Fried have submitted a memorandum to the United States District Court in Manhattan, urging the presiding federal judge to impose a prison sentence ranging from five and a quarter to six and a half years.
SBF faces a maximum sentence of 110 years following his conviction on numerous charges of fraud and money laundering in November of last year.
SBF was indicted on various charges including wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy, and money laundering conspiracy.
Federal Judge Lewis A. Kaplan, overseeing SBF's case, is slated to announce the sentencing on March 28.
While federal prosecutors are anticipated to present their sentencing recommendations on March 15, the Pre-sentence Investigation Report (PSR) has suggested a 100-year sentence for the former FTX CEO.
FTX's legal team argued against the proposed 100-year sentence, labeling it as "barbaric," emphasizing SBF's status as a first-time offender with no prior criminal record.
They noted that SBF was involved in the conduct alongside at least four other individuals and highlighted that victims are expected to recover their losses in full.
The filing also considered the absence of harm to customers, lenders, and investors, as the FTX bankruptcy estate is set to fully reimburse customers.
Additionally, the defense presented numerous letters from friends and family advocating for a lenient sentence.
Currently detained at the Metropolitan Detention Center in Brooklyn since last summer, SBF has reportedly engaged in various activities during his incarceration, including offering trading and investment advice.
According to reports, he has encouraged prison guards to invest in Solana's SOL token, a cryptocurrency with which he has a significant history.
FTX, once among the largest cryptocurrency exchanges with a valuation of $32 billion in January 2022, collapsed in November of the same year.
SBF was found guilty of mismanaging $8 billion in customer funds and multiple instances of fraud.
Sources:
https://cointelegraph.com/news/sbf-6-5-year-sentence-guards-invest-solana
https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.407.0.pdf
https://www.nytimes.com/2024/02/27/technology/sam-bankman-fried-fraud-ftx.html
https://twitter.com/SBF_FTX/status/1347964322459262977
