Disgraced FTX founder Sam Bankman-Fried’s authorized group known as the 100-year sentence really helpful by the jury “grotesque” in a court docket submitting on Tuesday.
Bankman-Frid has employed a brand new group of legal professionals, headed by Marc Mukasey, to symbolize him at his sentencing on March 28 in Manhattan. Mukasey has beforehand represented former U.S. president Donald Trump and members of the Trump Organizations.
Now simply days after taking him on as a consumer, Mukasey and his group have filed a 121-page sentencing memo asking that he face not more than six and a half years in jail.
The 31-year-old former CEO of crypto trade FTX was discovered responsible on all seven wire fraud and conspiracy prices on November 2, 2023. They carry a most sentence of 110 years.
He based and was finally held accountable for the collapse of his crypto empire. At its peak, FTX was valued at greater than $32 billion. However when the corporate filed for chapter on November 11, 2022, it owed $3.1 billion to its 50 largest collectors and at the least $5 billion extra to its 9 million clients and smaller collectors.
Bankman-Fried has been incarcerated at Metropolitan Detention Heart in Brooklyn since final summer season. An unnamed individual with data of the matter informed The New York Instances that Bankman-Fried has been sharing crypto market suggestions with the guards and really helpful they put money into Solana.
Bankman-Fried and his corporations, FTX and buying and selling agency Alameda Analysis, have been closely invested in Solana. At their peak, the ex-CEO and his corporations accounted for greater than 60 million SOL—which accounted for roughly 10% of the whole provide.
Within the Tuesday memo, Bankman-Fried’s legal professionals rebuffed comparisons which have been made between the one-time crypto mogul and American financier Bernie Madoff, who defrauded 1000’s of buyers and netted billions of {dollars} over a long time. Within the memo, Bankman-Fried’s legal professionals argue that as a result of FTX clients are projected to make a full restoration, there are “there will probably be no precise losses on this case, as Sam had contended was true from the start.”
FTX’s chapter property stated in court docket on the finish of January that clients who can show their losses are anticipated to be repaid in full. After promoting off extra of its crypto holdings, the property has elevated its money reserves to $4.4 billion.
The legal professionals additionally argued within the memo that whilst a billionaire, Bankman-Fried didn’t dwell a lavish life-style.
“Sam has all the time lived a really modest life. Whilst a billionaire, he drove essentially the most primary automobile that was accessible. He wore ragged t-shirts and shorts,” they wrote. “He cooked most of his personal meals, often frying…vegan meat with sparse greens.”