FTX Founder’s Lawyers Criticize DOJ’s Recommendation of 50-Year Sentence for Sam Bankman-Fried
FTX founder Sam Bankman-Fried’s legal team has challenged the “disturbing” sentencing memorandum presented by the Department of Justice (DOJ), arguing that it portrays him in an inaccurate and exaggerated light. In a recent letter, Bankman-Fried’s lawyers criticized the DOJ’s portrayal of him as a villain and questioned the excessive recommended sentence of 50 years, describing it as an archaic approach to punishment.
Last week, prosecutors urged District Judge Lewis Kaplan to impose a sentence of 40 to 50 years, alleging Bankman-Fried’s greed and failure to effectively address FTX’s bankruptcy. The prosecution presented word documents authored by Bankman-Fried, victim impact statements, and other records as evidence. In contrast, Bankman-Fried’s defense team had previously argued for a maximum prison term of 6.5 years, following his conviction on fraud and conspiracy charges in November.
According to the defense’s filing, Bankman-Fried attempted to assist the bankruptcy estate but was denied cooperation by the bankruptcy managers. Included in their submission were additional documents written by Bankman-Fried, including drafts of potential public statements explaining FTX’s bankruptcy. The defense also asserted that Bankman-Fried does not pose a risk of repeating his actions and highlighted his efforts to salvage the exchange from bankruptcy.
The defense letter criticized the government’s insistence on a severe sentence, asserting that at the age of 32, the DOJ seemingly wishes to “break” Bankman-Fried. They argued that the recommended sentence disregards his personal circumstances and vulnerabilities, instead opting for a punitive approach that goes beyond specific deterrence.
Sam Bankman-Fried’s sentencing is scheduled for March 28.