New York, USA – The lawyer for FTX founder Sam Bankman-Fried, who was convicted of stealing $8 billion from customers of the now-bankrupt cryptocurrency exchange, has requested a lenient sentence for his client. This plea comes as Bankman-Fried faces a potential prison term of 110 years after being found guilty of seven counts of fraud and conspiracy.
In a sentencing submission to U.S. District Judge Lewis Kaplan, lawyer Marc Mukasey proposed a prison term of five and a quarter to six and a half years for Bankman-Fried. Despite acknowledging mistakes in running FTX, Bankman-Fried has maintained his innocence, claiming he never intended to steal funds from customers.
The 31-year-old former billionaire plans to appeal his conviction and sentence, with his hearing scheduled for March 28. Mukasey accompanied his submission with letters of support from Bankman-Fried’s parents, a psychiatrist, and others, highlighting his efforts to return money to customers after FTX’s collapse.
Joseph Bankman and Barbara Fried, Bankman-Fried’s parents, described their son as someone who was not driven by material wealth but was dedicated to repaying customers even after losing his equity and wealth. Mukasey criticized the 100-year guidelines range proposed by probation officers as “barbaric,” arguing that it was based on flawed assumptions about FTX’s customer losses.
Despite the looming sentence, FTX recently claimed that it expected to repay all customers in full, suggesting that Bankman-Fried had no intention of stealing funds. The U.S. Attorney’s office is set to make its sentencing recommendation by March 15, with the final decision resting with Judge Kaplan.
In the midst of the legal battle, the outcome of Bankman-Fried’s appeal and the judge’s forthcoming decision will determine the future of the high-profile case that has captured the attention of the cryptocurrency industry and beyond.