FTX co-founder Sam Bankman Fried should be sentenced to up to 6 1/2 years in prison for orchestrating a fraud that brought down the cryptocurrency exchange, lawyers told a federal judge. He said he could be sentenced to up to 20 years in prison. The most serious charge.
Lawyers for the 31-year-old former cryptocurrency mogul made the recommendation to U.S. District Judge Lewis A. Kaplan in a 98-page memo late Tuesday ahead of his March 28 sentencing.
Federal Sentencing Guidelines state that “Given Sam's philanthropy and selfless contributions to others, a sentence that promptly returns Sam to a productive role in society would be sufficient, but not necessary, to comply with the sentencing objectives.'' It won't get any heavier than that.” Note.
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Mr. Freed's lawyers also said that none of the accounts identified for possible forfeiture were intended for Mr. Bankman Freed's personal benefit and recommended that no assets be ordered to be forfeited. . It also argued that customers and creditors would receive their funds back through FTX's bankruptcy.
Bankman Fried was found guilty of wire fraud and conspiracy in November after a two-month trial. Kaplan's final sentencing decision could serve as a guide for other crypto executives who mismanage their funds.
Prosecutors have until March 15 to submit a response to the memo.
Last month, Bankman Freed hired Mark Mukasey, a former federal prosecutor and experienced white-collar defense attorney, to replace the attorney who represented him at trial. Mr. Mukasey, who has a history of representing white-collar defendants, was sentenced late last year in the same courtroom where Mr. Bankman Fried was sentenced. He was sentenced to four years in prison, far less than the 11 years he had received. .
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