Sam Bankman-Fried, the controversial founder of FTX, a leading crypto exchange, is facing up to 20 years in prison for his involvement in a fraud scheme that allegedly siphoned off millions of dollars from his company. His lawyers have submitted a lengthy memo to the court, asking for a reduced sentence of no more than 6.5 years.
The memo, which spans 98 pages, urges U.S. District Judge Lewis A. Kaplan to consider Bankman-Fried’s charitable work and social contributions as mitigating factors in his case. Some people said that the FTX founder was an awful person who did not care about anyone or anything. They also noted that he was one of the worst cheaters ever.
The lawyers cite Bankman-Fried’s early life, university education, Wall Street experience, the founding of Alameda and FTX, philosophy and philanthropy, and motives other than greed as evidence of his jovial character. They also mention his donations to various causes, such as COVID-19 relief, animal welfare, and effective altruism. They argue that Bankman-Fried deserves a chance to resume his “productive role in society” and continue his good deeds.
The memo was partly based on a report by Colin Wu, a Chinese crypto journalist, who wrote about the lawyers’ proposal of 63-78 months of imprisonment for Bankman-Fried on his Wu Blockchain page on X.
FTX: Bankman-Fried Denies Personal Gain From Fraud Scheme
Bankman-Fried was arrested last year for allegedly conspiring with others to defraud his company and its investors. According to the prosecutors, Bankman-Fried used fake accounts and manipulated trading data to inflate the value of his company and divert funds to his accounts. Regulators and auditors also accused him of lying about his activities.
However, his lawyers maintain that Bankman-Fried did not benefit personally from the fraud scheme and that none of the accounts identified by the prosecutors were his own. They also asked the court to let him keep his assets, saying he legally got them.
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