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SBF asks for 5-year prison sentence, calls 100-year recommendation “grotesque”

Accepted submission by Freeman at 2024-02-28 21:05:24 from the sinking feeling dept.
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Convicted FTX fraudster Sam Bankman-Fried pleaded for a lenient prison sentence in a court filing yesterday, saying that he isn't motivated by greed and "is already being punished."

Bankman-Fried requested a sentence of 63 to 78 months, or 5.25 to 6.5 years. Because of "Sam's charitable works and demonstrated commitment to others, 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 court filing [] said.
The filing urged the court to "reject the PSR's barbaric proposal" of 100 years, saying that such sentences should only be for "heinous conduct" like terrorism and child sexual abuse.

The founder and ex-CEO of cryptocurrency exchange FTX, Bankman-Fried was convicted on seven charges [] with a combined maximum sentence of 110 years after a monthlong trial in US District Court for the Southern District of New York. The charges included wire fraud and conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering.
Kaplan said before the trial [] that SBF "could be looking at a very long sentence" if convicted. After the conviction, law professors were quoted as saying [] that Bankman-Fried's sentence was likely to be at least 20 or 25 years and conceivably as much as 50 years.
"Sam was not predatory. He did not set out to prey on the elderly, the unsophisticated, or implement a plan to poach pension assets. His conduct falls far lower on the culpability scale," the filing said. He also "never intended to cause loss for the purpose of his own personal gain," his legal team said.

Bankman-Fried's conduct should be characterized as "risk shifting," the filing said. Risk-shifting "offenses are not specifically intended to cause loss. Instead, they shift the risk of any potential loss from the defendant (or from others involved in the criminal undertaking) to a third party, such as the victim of the offense."

According to Bankman-Fried's legal team, this makes his offenses similar in severity to "false statements for the purpose of obtaining a bank loan that is intended to be repaid. Such offenses are generally less culpable than those where loss is specifically intended."
Bankman-Fried's sentencing submission was accompanied [] by letters of support from his parents and others. His mother, Barbara Fried, wrote [] that "Sam is the first person we would call if we needed an angel of mercy in a pinch," and that he "lived an exemplary life in every way prior to the events that brought FTX down."

Previously on SoylentNews:
Sam Bankman-Fried Found Guilty in FTX Crypto Fraud Case [] - 20231103
Sam Bankman-Fried Testifies, Says He “Skimmed Over” FTX Terms of Service [] - 20231031
SBF Says “Dishonesty and Unfair Dealing” Aren't Fraud, Seeks to Dismiss Charges [] - 20230510
Senators are Hopping Mad and Demanding Answers for the CryptoCurrency Collapse [] - 20230216
Germany Wants Countries to Regulate the Crypto Industry After the FTX and Bankman-Fried Debacle [] - 20221217
Sam Bankman-Fried Arrested in Bahamas, Charged With "Massive" Crypto Fraud in US [] - 20221214
FTX Lacked “Accurate List” of Bank Accounts, Failed at Basic Bookkeeping [] - 20221117
The Hunt for the FTX Thieves Has Begun [] - 20221117

Original Submission