Lawyers representing Sam “SBF” Bankman-Fried are expected to submit their recommendation for his sentencing on February 27th. Bankman-Fried, the former CEO of FTX, was convicted of seven felony counts on November 3rd, with some charges carrying a potential prison sentence of up to 20 years. The fate of the former CEO will be decided by Judge Lewis Kaplan, who will receive recommendations from Bankman-Fried’s lawyers on February 27th, and from prosecutors on March 15th.
If given the maximum sentence, Bankman-Fried could face approximately 110 years in prison for his conviction on charges including wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy. However, legal experts have noted that judges typically do not impose the maximum penalty unless there are extraordinary circumstances.
Renato Mariotti, a former prosecutor, stated in December that he wouldn’t be surprised if Bankman-Fried spends the next two decades in prison. Lawyer Devin James Stone also commented on the case, noting that the scale of the crimes and the defendant’s attempts to cover them up could result in a sentence of 15 to 25 years in prison, plus restitution.
Bankman-Fried was originally scheduled for a second trial in March to address additional charges, but prosecutors announced in December that they would not proceed. This suggests that Bankman-Fried may face a harsher sentence, including forfeiture and restitution for FTX victims.
Opinions from the crypto community vary, with some users expressing the belief that Bankman-Fried deserves a minimum of 20 years in prison, while others argue that other individuals involved should also be held accountable.
Bankman-Fried appeared in court on February 21st, where he waived conflicts of interest for his attorneys. He will be the first of the five former FTX executives to be sentenced, with the others having pleaded guilty to their charges. Ryan Salame, the former co-CEO of FTX Digital Markets, is scheduled to be sentenced on May 1st.
In the aftermath of the FTX collapse, questions arise about the trustworthiness of crypto exchanges.