Lawyers representing former FTX CEO Sam “SBF” Bankman-Fried contest the proposed maximum sentence of 50 years in prison, arguing that it reflects a “medieval” view of punishment and does not align with the severity of his crimes.
In a letter addressed to Judge Lewis Kaplan, Bankman-Fried’s lawyers, Marc Mukasey and Torrey Young, responded to the government’s sentencing proposal, which suggested a 40-to-50-year sentence for the founder. They criticized the proposed sentence as overly harsh and urged for a reduced sentence of five to six years in prison.
The defense argued that there were no actual losses incurred, as bankruptcy proceedings would ensure that all customers and lenders are compensated, leaving assets in the estate intact.
Bankman-Fried’s lawyers disputed the prosecution’s portrayal of him as greedy, highlighting his philanthropic efforts and purportedly modest lifestyle as evidence to the contrary.
They contested the claim that Bankman-Fried posed a high risk of re-offending, citing research indicating low recidivism rates for white-collar, educated offenders without prior records.
The defense accused the prosecution of making unsupported claims, including allegations that Bankman-Fried shirked responsibility and misrepresented sentencing data for comparable fraud cases.
Mukasey and Young emphasized that Bankman-Fried had already faced significant personal and professional losses and proposed a reduced sentence of approximately five to six and a half years, urging for a significant downward variance from the guidelines range.
The defense’s response challenges the severity of the proposed sentence and advocates for a more lenient punishment, highlighting mitigating factors and contesting the prosecution’s claims. The final sentencing decision rests with the judge, taking into account arguments from both sides.
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