In a late Tuesday filing, attorney Marc Mukasey, representing FTX founder Sam Bankman-Fried, criticized the suggested 100-year prison sentence recommended by an arm of the court as “grotesque” and “barbaric.” Bankman-Fried, a California man, was convicted of fraud and conspiracy charges related to cryptocurrency crimes. The attorney argued that a term of a few years behind bars would be more appropriate for the disputed crimes.
Mukasey further stated that the Probation office had improperly calculated federal sentencing guidelines, resulting in a recommendation just 10 years short of the maximum potential 110-year sentence. Prosecutors, who will respond in mid-March, have agreed with the 100-year recommendation, citing trial evidence to support it.
Bankman-Fried, once perceived as a pioneer in the cryptocurrency industry with his FTX trading platform, is accused of cheating investors and customers of at least $10 billion in businesses he controlled from 2017 through 2022. The collapse of FTX into bankruptcy in November 2022, just weeks before Bankman-Fried’s trial, tarnished his reputation.
The defense argued that the appropriate sentence, considering Bankman-Fried’s charitable works and commitment to others, should be between five and 6 1/2 years in prison at most. Mukasey emphasized that Bankman-Fried is a first-time offender, a non-violent individual, and not the “evil genius” or “greedy villain” portrayed in the media.
Bankman-Fried’s sentencing is scheduled for March 28, with Judge Lewis A. Kaplan presiding. Mukasey urged the judge to reject the “barbaric proposal” and allow Bankman-Fried to return to a productive role in society promptly. The defense also highlighted Bankman-Fried’s remorse and his ongoing struggle with anhedonic depression.
