Lawyers for FTX founder Sam Bankman-Fried requested a lighter sentence for their client on Tuesday, arguing the recommendation of a 100-year sentence is “barbaric” and “grotesque.”
Bankman-Fried was convicted of multiple fraud and conspiracy charges by a jury last November and faces a maximum sentence of 110 years when added together. The lawyers filed a memorandum Tuesday arguing that the pre-sentence report by probation officers miscalculated federal sentencing guidelines in its recommendation of a 100-year sentence.
The memorandum said the probation office’s report “recommends that the Court sentence Sam to 100 years in prison. That recommendation is grotesque.” The attorneys are asking for a sentence of 63 months to 78 months instead, according to the memo.
“The PSR’s [pre-sentencing report] Guidelines range is driven by an incorrect loss enhancement and several other objectionable enhancements,” the memo states.
“Additionally, the offense level substantially overstates the seriousness of Sam’s offense, which warrants a downward departure; and the arbitrary application of consecutive sentences, rather than concurrent sentences, results in the ruthless Guidelines outcome,” the attorneys argued.
The memorandum said, “a sentence that returns Sam promptly to a productive role in society would be sufficient, but not greater than necessary, to comply with the purposes of sentencing.”
The attorneys argued Bankman-Fried’s “personal history and characteristics strongly support a lenient sentence.” The memorandum also suggested that Bankman-Fried has regretted his actions over the past two years that culminated in the fraud lawsuit.
“Those who know Sam also know how deeply, deeply sorry he is for the pain he caused over the last two years,” the memorandum states.
The prosecutors have until March 15 to file their sentencing recommendations, according to The Associated Press. Bankman-Fried is scheduled to be sentenced March 28.
A spokesperson for the attorney’s office in the Southern District of New York declined to comment.
After the collapse of cryptocurrency FTX in 2022, Bankman-Fried was arrested in the Bahamas in December 2022 and faced charges for wire fraud, conspiracy to commit wire fraud, securities fraud and money laundering. He also faced charges for conspiracy to make unlawful political contributions and 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.
