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Sam Bankman-Fried's lawyers say prosecutors are treating their client like a 'depraved super-villain' with 'dark and megalomaniacal motives'

Business Insider

Business Insider · 1y ago

Sam Bankman-Fried's lawyers say prosecutors are treating their client like a 'depraved super-villain' with 'dark and megalomaniacal motives'

Lawyers for Sam Bankman-Fried, the founder of FTX, are challenging the 40 to 50-year prison sentence recommended by prosecutors, accusing them of portraying him as a villain with sinister motives. In their letter to the judge, his lawyers argued that the proposed sentence was excessive and a medieval form of punishment. Prosecutors have justified the sentence by citing the significant financial and emotional harm caused by Bankman-Fried's crimes, which resulted in billions of dollars in losses. This is not the first time his lawyers have requested leniency. Bankman-Fried's sentencing is scheduled for March 28.

Related News

Sam Bankman-Fried lives 'life of delusion,' new FTX CEO says as sentencing looms

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried lives 'life of delusion,' new FTX CEO says as sentencing looms

Sam Bankman-Fried's successor as CEO of FTX, John Ray, has dismissed Bankman-Fried's claims that customers may recover funds, stating that it does not mean he did not steal. Bankman-Fried was convicted of stealing $8 billion from FTX customers. Ray filed a statement in court stating that customers will recover some losses due to the bankruptcy estate's efforts, not because Bankman-Fried did not steal. Bankman-Fried is scheduled to be sentenced on March 28, with prosecutors seeking a 40- to 50-year prison term. Defense lawyers believe a lesser sentence is appropriate.

FTX's Sam Bankman-Fried appeals jailing as trial nears

Economic Times

Economic Times · 1y ago

FTX's Sam Bankman-Fried appeals jailing as trial nears

Sam Bankman-Fried, founder of FTX cryptocurrency exchange, has appealed a decision to jail him for alleged witness tampering ahead of his trial over the collapse of FTX. Bankman-Fried's lawyers argue that he exercised his First Amendment rights by sharing writings by his former colleague Caroline Ellison with a New York Times reporter to defend his reputation. Prosecutors claim he released the writings to harass Ellison and dissuade others from testifying. Bankman-Fried's bail was revoked on Aug. 11, and he faces charges of stealing billions of dollars in FTX customer funds.

Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case

Livemint

Livemint · 1y ago

Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case

Sam Bankman-Fried, the former crypto king and founder of FTX, is facing sentencing in a New York federal court for crimes related to the collapse of his crypto exchange. He was found guilty of stealing billions of dollars from FTX customers and defrauding investors and lenders. Prosecutors have asked for a 40 to 50 year prison sentence, while Bankman-Fried's lawyers argue for no more than six years. The sentencing marks the downfall of Bankman-Fried, who was once hailed as a brilliant and philanthropic figure in the crypto world.

Sam Bankman-Fried's lawyer says sentencing the FTX founder to a 100-year prison term would be 'grotesque' and 'barbaric'

Business Insider

Business Insider · 1y ago

Sam Bankman-Fried's lawyer says sentencing the FTX founder to a 100-year prison term would be 'grotesque' and 'barbaric'

Sam Bankman-Fried's lawyer, Marc Mukasey, has criticized the probation office's recommendation of a 100-year prison sentence for his client, calling it "grotesque." Bankman-Fried, founder of FTX, was found guilty of fraud and conspiracy and faces up to 110 years in prison. Mukasey argues that the severity of the recommended sentence is unwarranted, suggesting a term of five to six-and-a-half years instead. He highlights Bankman-Fried's charitable works and commitment to others as factors that should be considered in sentencing. Bankman-Fried's sentencing is scheduled for March 28.

Sam Bankman-Fried will not face a second trial: US prosecutors

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried will not face a second trial: US prosecutors

According to U.S. prosecutors, they do not plan to conduct a second trial against Sam Bankman-Fried, who was convicted of stealing from customers of his bankrupt FTX cryptocurrency exchange. The prosecutors cited the "strong public interest" in a prompt resolution of the case as the reason behind their decision. Bankman-Fried's sentencing is scheduled for March 28, 2024, and could include orders of forfeiture and restitution for his crimes.

Sam Bankman-Fried won’t face a second criminal trial

Livemint

Livemint · 1y ago

Sam Bankman-Fried won’t face a second criminal trial

Federal prosecutors have announced that they will not pursue additional criminal charges against Sam Bankman-Fried, founder of FTX, apart from the existing charges related to fraud. This decision clears the path for his sentencing on March 28. Prosecutors believe that the evidence from the first trial is sufficient to consider additional alleged conduct in determining Bankman-Fried's sentence, which could include restitution for the victims of his crimes. Bankman-Fried was convicted on seven criminal counts for stealing billions of dollars from customers of his collapsed crypto exchange.

Bread, water and peanut butter: Sam Bankman-Fried's life in jail

Economic Times

Economic Times · 1y ago

Bread, water and peanut butter: Sam Bankman-Fried's life in jail

Cryptocurrency mogul Sam Bankman-Fried, facing a fraud trial related to the collapse of his crypto exchange FTX, has spent nearly a month in the Metropolitan Detention Center in Brooklyn. His lawyers have raised concerns about conditions in jail, including disruptions to his vegan diet, dwindling medication supplies, and limited access to the internet. They argue that these conditions are impeding his ability to prepare for trial. The judge overseeing the case is yet to decide on these issues, while Bankman-Fried's lawyers seek to reinstate his bail.

Sam Bankman-Fried needs more Adderall to focus at trial, lawyers say

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried needs more Adderall to focus at trial, lawyers say

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, is facing issues with concentration during his trial on charges of stealing billions in FTX customer funds. His lawyers requested an extended release dose of Adderall, a medication for attention deficit hyperactivity disorder, to help him focus. Bankman-Fried has been typing on a laptop and whispering to his lawyers during the trial, and his legal team expressed concerns about his ability to concentrate, especially as he considers testifying in his own defense. Prosecutors may rest their case soon, with Bankman-Fried pleading not guilty to the charges.

Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors

Economic Times

Economic Times · 1y ago

Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors

Former crypto mogul Sam Bankman-Fried faces potential decades in prison for his involvement in the collapse of FTX. Bankman-Fried was convicted of fraud and conspiracy and was found to have illegally used money from FTX depositors for personal expenses. Prosecutors are recommending a prison sentence of 40 to 50 years. Bankman-Fried's attorneys argue for leniency, claiming he is unlikely to reoffend and that FTX investors have largely recovered their funds. The collapse of cryptocurrency prices in 2022 took a toll on FTX, leading to its downfall. Three others connected to Bankman-Fried pleaded guilty and testified against him.

Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence

Sam Bankman-Fried is appealing his conviction and 25-year prison sentence for stealing $8 billion from customers of FTX cryptocurrency exchange. The appeal will be made to the 2nd US Circuit Court of Appeals. Bankman-Fried, once a billionaire crypto entrepreneur, was convicted in November on seven counts of fraud and conspiracy. His appeal could take years, and his lawyers will need to argue that significant errors were made during the trial. Bankman-Fried's downfall came when FTX declared bankruptcy after customers panicked over reports of misappropriated assets.

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