Benzinga - Former FTX CEO Sam Bankman-Fried on Tuesday appealed to a court for a reduced prison sentence, following his conviction for fraud.
What Happened: Bankman-Fried’s legal team has submitted a court filing challenging the Presentence Investigation Report (PSR) that recommends a 100-year prison sentence, describing it as “grotesque,” CoinDesk reported.
The lawyers argue that Bankman-Fried, a first-time, non-violent offender, was involved in the fraudulent conduct along with at least four other individuals. They also noted that the victims are set to recover their full losses.
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Why It Matters: The defense team suggests that a “just sentence” would be based on “zero loss”, leading to a proposed sentence range of 63-78 months. They emphasized that the FTX bankruptcy estate expects to fully repay its customers, indicating no harm to customers, lenders, or investors.
Earlier last week, a photograph was released by cryptocurrency influencer Tiffany Fong, which showed a visibly thinner and scruffier Bankman-Fried in prison. The image, made public on February 20, 2024, was the first of Bankman-Fried since his imprisonment at the Metropolitan Detention Center (MDC) in Brooklyn. The photo was taken around the time when inmates were typically allowed to be photographed due to the holiday season.
Bankman-Fried’s lawyers also argued that a sentence that allows him to return to a productive societal role would be sufficient. They refuted negative descriptions of Bankman-Fried as a “sociopath” and “one of history’s most notorious fraudsters”, asserting that those who know him see a caring individual dedicated to doing good in the world.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $56,901, up 0.93% in the last 24 hours, according to Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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Sam Bankman-Fried. Image created using AI via MidJourney
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