Sam Bankman-Fried’s lawyers request lighter sentence amid FTX fraud appeal

Lawyers for FTX founder Sam Bankman Freed on Tuesday called the recommendation for 100 years in prison “barbaric” and “grotesque” and called for a lighter sentence for their client.

Bankman Fried was found guilty by a jury in November on multiple counts of fraud and conspiracy, which could result in a combined sentence of up to 110 years in submitted a memorandum Tuesday argued that a pre-sentence report by his probation officer miscalculated the federal sentencing guidelines’ recommendation for 100 years in prison.

The memorandum states that the Probation Office’s report “recommends that the court sentence Sam to 100 years in prison.” That recommendation is grotesque. ” Lawyers are instead seeking a sentence of 63 to 78 months in prison, according to the memo.

“PSR’s [pre-sentencing report] “The scope of the guidelines is determined by false loss enhancements and several other objectionable enhancements,” the memo states.

“Furthermore, the crime level vastly exaggerates the seriousness of Sam’s crime, which justifies downward departure. And the arbitrary application of consecutive rather than concurrent sentences violates the callous guidelines. It will bring about consequences,” the lawyer argued.

“A sentence that promptly returns Sam to a productive role in society is sufficient, but no more than is necessary to comply with the purpose of sentencing,” the memorandum said.

The lawyers argued that Bankman Fried’s “personal history and characteristics strongly support a lighter sentence.” The memo also suggested that Bankman Freed regretted his actions over the past two years leading up to the fraud lawsuit.

“Those who knew Sam also know how deeply and profoundly sorry he is for the pain he has caused over the past two years,” the memorandum states.

Prosecutors have until March 15 to submit a sentencing recommendation, according to the Associated Press. Bankman Freed is scheduled to be sentenced on March 28th.

A spokesperson for the Southern District of New York’s attorney’s office declined to comment.

Following the collapse of the FTX cryptocurrency in 2022, Bankman Fried was arrested in the Bahamas in December 2022 and charged with wire fraud, wire fraud conspiracy, securities fraud, and money laundering. He was also charged with conspiracy to commit illegal political contributions and to defraud the Federal Election Commission.

The Associated Press contributed reporting.

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.