Tuesday, May 21, 2024

FTX founder SBF asks for a 6.5-year sentence, tells prison guards to invest in Solana



The authorized counsel for former FTX CEO Sam “SBF” Bankman-Fried filed a memo in america District Court docket in Manhattan requesting the federal choose problem a jail sentence of 5 and 1 / 4 and 6 and a half years. SBF is dealing with a most of 110 years after a jury found him guilty of multiple counts of fraud and cash laundering in November final 12 months.

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SBF was indicted on two counts of wire fraud, two counts of wire fraud conspiracy, one depend of securities fraud, one depend of commodities fraud conspiracy and one depend of cash laundering conspiracy. The federal choose, Lewis A. Kaplan, overseeing the SBF case is scheduled to announce sentencing on March 28.

Whereas federal prosecutors are anticipated to submit their sentencing suggestions on March 15, the Pre-sentence Investigation Report (PSR) has beneficial a 100-year sentence for the previous FTX CEO.

FTX attorneys argued that the PSR proposed 100-year sentence is “barbaric,” as SBF is a first-time offender with no previous felony data and was joined within the conduct “by not less than 4 different culpable people, in a matter the place victims are poised to recuperate — have been at all times poised to recuperate — 100 cents on the greenback.”

Associated: ‘Fuck regulators,’ said SBF behind closed doors: Report

The submitting weighed on the hurt to prospects, lenders and traders, which is zero, as FTX chapter estate is expected to fully repay customers. The authorized counsel additionally cited quite a few letters submitted by family and friends strongly supporting a lenient sentence.

SBF is at the moment locked up on the Metropolitan Detention Heart in Brooklyn since final summer season. A number of tales from his jail time have surfaced over the months, from trading mackerel for a haircut to being extorted for protection. Now, one other story from his jail keep has surfaced. The New York Instances reported that SBF is providing buying and selling and funding recommendation and asking jail guards to spend money on Solana’s SOL (SOL), a crypto token with which he has a protracted historical past.

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FTX was one of many largest crypto exchanges, valued at $32 billion in January 2022, earlier than collapsing in November later that 12 months. SBF was discovered responsible of mismanagement of $8 billion in customer funds and a number of different counts of fraud.

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