Disgraced crypto tycoon Sam Bankman Freed was sentenced to 25 years in prison on Thursday, but the convicted fraudster could be released in half that time.
The 32-year-old was convicted of stealing more than $8 billion from FTX customers and sentenced to more than 20 years in prison in Manhattan.
Although federal crimes are not eligible for parole, Bankman-Freed could have his time significantly reduced (perhaps 40 to 50 percent) through good behavior and completion of a prison rehabilitation program. said Mark Bini, a veteran prosecutor turned defense attorney. Worked at Reed Smith, White Shoe Law Office.
This means that the fallen crypto tycoon’s tenure could be as short as 12 and a half years.
Bankman-Fried is a non-violent offender and because this is his first conviction, he is eligible for a reduced sentence under the federal First Step Act signed by President Trump in 2018.
But “if he shoots himself in the leg like he’s done in the past, he’s going to be doing that for the next 25 years,” Bini told the Post, adding that Bankman Freed is out on bail. It was mentioned that the conditions had been violated. leaked the private writings of his ex-girlfriend and business associate, Caroline Ellison, to a New York Times reporter;
Another way that entrepreneurs can have their sentences reduced is by having their sentences reduced by the court for special reasons, such as medical issues. former prosecutor Jordan Estes told CNN.
“Since the pandemic, courts have become more likely to grant early release under this provision if a defendant has served a significant portion of their sentence,” Estes said.
U.S. District Judge Lewis Kaplan recommended that Bankman Fried, currently held at the Metropolitan Detention Center in Brooklyn, serve his sentence in a medium-security prison near his parents’ home in Northern California.
He added that the Federal Bureau of Prisons can also send convicted fraudsters to “low-security prisons as it deems appropriate,” adding that Bankman-Freed could be sent to a more comfortable and secure prison like Ghislaine. It added that it increases the likelihood of spending time in a degrading prison. Maxwell and Todd Chrisley instead of medium security.
Judge Kaplan said Bankman-Freed should not be sent to a maximum security prison because of the non-violent nature of his crimes.
The Bureau of Prisons did not immediately respond to a request for comment. A decision on Bankman-Fried’s departure is expected to be made in the coming months.
Bankman Fried was also ordered to pay $11 billion and forfeit assets that could be used to pay a hefty fine.
Ahead of his sentencing, the fraudster apologized in front of the judge for making “bad decisions” and betraying “everyone I care about.”
“At the end of the day, I betrayed everyone I care about and I betrayed everything I care about,” he said Thursday. “I feel like a lot of people are really disappointed and I’m sorry about that. I’m sorry for what happened every step of the way.”
His company, FTX, was worth $40 billion at its peak and had celebrity backers.
