The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

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

by admin February 29, 2024
February 29, 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
TSA PreCheck travelers don’t have to show physical IDs at some airports
next post
Freegold Intersects 1.4 m grading 34.4 g/t Au and 2.3 metres grading 20 g/t Au in Saddle Zone Drilling and Completes Acquisition of the Tolovana Claims

Related Posts

Here’s why banks don’t want the CFPB to...

March 11, 2025

How the New York Mets can justify paying...

December 12, 2024

How thousands of Americans got caught in fintech’s...

July 4, 2024

Stellantis to offer broad buyouts to U.S. salaried...

August 1, 2024

CrowdStrike says it isn’t to blame for Delta’s...

August 6, 2024

Tesla shares rise on better-than-expected Q2 deliveries report

July 5, 2024

A California bill would let workers ignore their...

April 6, 2024

Ulta Beauty CEO outlines plans to boost sales...

June 3, 2024

GM lays off 1,000 employees amid reorganization and...

November 17, 2024

Companies are slashing prices to woo consumers. It’s...

July 29, 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.

    Categories

    • Business (1,402)
    • Investing (3,381)
    • Politics (4,562)
    • World (4,498)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, 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 © 2024 TheInvestmentWhisperer.com | All Rights Reserved