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Sam Bankman-Fried (SBF) is asking the courts for a relatively lenient prison sentence on grounds that FTX customers will suffer no losses.
SBF’s lawyers requested a sentence of between 63 and 78 months in a Feb. 27 filing, arguing that FTX was solvent at the time of its bankruptcy and that a recommendation by the Presentence Investigation Report (PSR) for 100 years prison time for their client is ”grotesque.”
“The money was there—not lost,” the lawyers said. “The harm to customers, lenders, and investors is zero. Sam is a 31-year-old, first-time, non-violent offender, who was joined in the conduct at issue by at least four other culpable individuals, in a matter where victims are poised to recover—were always poised to recover—a hundred cents on the dollar.”
FTX Was Solvent before Bankruptcy
Earlier this month, FTX lawyers told a judge in Delaware that the exchange planned to reimburse all customers in full after the bankruptcy estate recovered $10 billion in assets.
SBF was found guilty of seven counts of fraud and conspiracy after a month-long trial in October last year. His sentencing is scheduled for March 15.
The lawyers have also dismissed the prosecution’s assertions that SBF intended to commit fraud. They argue that SBF always intended to reimburse its customers as seen in witness statements and the company’s financials.
Disgraced FTX Co-Founder Recommends Solana to Prison Guards
Meanwhile, a recent report by the New York Times said that SBF has been promoting Solana to prison guards.
Sam Bankman-Fried is giving financial advice in jail.
He's telling guards to invest in Solana, per NYT. pic.twitter.com/j9BnGtWqrr
— Milk Road (@MilkRoadDaily) February 27, 2024
While being held at the Metropolitan Detention Center in Brooklyn, SBF was not only working on his case but also sharing crypto market investment tips with the guards, the report said.
The story indicates that SBF continues his fascination with Solana, with SOL among the major holdings of the collapsed FTX exchange.
Also Read
- First Photo Of FTX Founder Sam Bankman-Fried In Prison Is Posted By Crypto Influencer
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