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Jail sentence: Former crypto billionaire Sam Bankman-Fried faces up to 110 years behind bars
He is the crypto billionaire facing up to 110 years behind bars after “one of the largest financial frauds in American history.”
But in a last-ditch attempt to win clemency before next month’s sentencing, Sam Bankman-Fried’s parents and legal team are pleading with the judge to show mercy.
Calling him a “selfless” and “altruistic” man who has “committed his life to philanthropy,” his attorney Marc Mukasey said he should receive just five and a half years and no more than six and a half years. half.
In a letter to U.S. District Judge Lewis Kaplan, his parents, law professors Joseph Bankman and Barbara Fried, said they feared for his life in prison.
“His father and I face the very real possibility that we may not live long enough to see him released,” his mother wrote.
“I’d love to trade places with him if I could.”
Bankman-Fried was accused of raiding FTX depositors’ accounts to make risky bets, repay loans and buy property, leaving a £6bn hole in the company’s balance sheet when it fell into bankruptcy in 2022, with clients not They were able to withdraw funds.
Known as ‘SBF’, he had cultivated high-profile celebrity and political relationships, including with Tony Blair and Bill Clinton, but was found guilty of seven counts of fraud and conspiracy in November last year following the stock market crash.
His legal team this week called the 100-year sentence recommended by probation officers “grotesque” and “barbaric.”