The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Former FTX chief Sam Bankman-Fried seeks no more than six years in prison as sentencing trial awaits

by admin March 4, 2024
March 4, 2024
Former FTX chief Sam Bankman-Fried seeks no more than six years in prison as sentencing trial awaits

Lawyers for Sam Bankman-Fried, the former head of the collapsed cryptocurrency exchange FTX, have requested a sentence of just five to six years in prison in the wake of his conviction last year on seven counts of fraud.

U.S. probation officials have recommended a sentence of 100 years for Bankman-Fried’s role in orchestrating what prosecutors described as an elaborate, multibillion-dollar fraud. He is slated to be sentenced March 28.

But in a 98-page memo filed Tuesday, Bankman-Fried’s lawyers portray him as suffering from an array of neurological and personality issues that could not be overcome, turning him into a ‘tragic’ figure.

‘Sam presents at times as a paradox,’ the lawyers write. ‘Not because he is deliberately deceiving or conniving, but rather because that is how he is ‘wired’ as a human. He has an exceptional IQ, but difficulty with conventional styles of communication, especially around emotion.’

They add that those who know Bankman-Fried know he is ‘selfless, altruistic, and cares about those less fortunate.’

‘Well before … FTX ever existed, Sam committed his life to philanthropy, pledging to earn money and give it away, with the goal of ‘helping the world’s poorest people,” the lawyers write, citing another statement made by a Bankman-Fried character witness.

Bankman-Fried wasn’t motivated by greed or material concerns, the lawyers write — a notion seemingly belied by the lavish style Bankman-Fried and his colleagues enjoyed in the Bahamas while running FTX that included living in a $35 million penthouse.

The lawyers further allege that the loss to FTX customers was ultimately zero — and indeed, representatives for the bankruptcy estate of FTX said earlier this month that they expect to fully repay customers and creditors with legitimate claims.

Bankman-Fried is currently being held at a detention facility in New York City. Citing the statement of a fellow inmate, the lawyers say Bankman-Fried’s neurodiversity and lack of physical stature, plus the high-profile nature of his crimes, may put him at risk of physical harm in prison.

‘Sam being the ‘least physically intimidating person … has and will lead to him being frequently targeted for hazing, harassment, and assault more so than the average inmate,’ the lawyers write.

Prosecutors have until March 15 to respond to the memo.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Kellogg CEO faces backlash for suggesting people eat ‘cereal for dinner’ to save money
next post
Macy’s is closing 150 stores nationwide as it seeks ‘bold new chapter’ with greater focus on luxury

Related Posts

FDA declares cucumber-linked Salmonella outbreak over after 155...

August 27, 2024

Elon Musk’s X and Starlink face nearly $1...

September 21, 2024

Express files for bankruptcy, plans to close nearly...

April 23, 2024

Target launches paid membership program as it chases...

March 7, 2024

Sinclair explores selling roughly 30% of its broadcast...

May 11, 2024

Maker of Hershey’s, Jeni’s, and Friendly’s ice cream...

June 27, 2024

ESPN hopes to reach more casual sports fans...

December 6, 2024

Nvidia’s CEO did a Q&A with analysts. What...

March 24, 2025

Trump Media sues Brazil Supreme Court judge who...

February 20, 2025

Johnson & Johnson to pay $6.5 billion to...

May 6, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      July 21, 2025
    • What Musk’s fracture with Trump means for GOP’s future: ‘Beating heart of the Republican Party’

      July 21, 2025
    • Trump’s housing chief rips Powell for blowing millions on Fed facelift during housing crisis he perpetuates

      July 21, 2025
    • Trump celebrates 6 months back in office: US ‘totally revived’ after being ‘DEAD’ under Biden

      July 21, 2025
    • Biden admin spent hefty sum of US tax dollars to upgrade embassy swimming pools in Iraq, Russia

      July 21, 2025
    • Trump heads to Scotland, continues ironing out trade deals after notching six months back in office

      July 21, 2025

    Categories

    • Business (1,299)
    • Politics (4,040)
    • Stocks (1,535)
    • Uncategorized (45)
    • World News (1,292)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved