NEW YORK (AP) — The lawyer for Sam Bankman-Fried, founder of FTX, called the suggested 100-year prison sentence for his client “grotesque” and “barbaric.” Attorney Marc Mukasey argued that a term of a few years behind bars would be more appropriate for the cryptocurrency crimes that Bankman-Fried still disputes.
In presentence arguments filed in Manhattan federal court, Mukasey contended that the report by probation officers improperly calculated the federal sentencing guidelines. The recommendation of a 100-year sentence falls just 10 years short of the maximum possible sentence of 110 years.
Prosecutors, who will respond in mid-March, have supported the 100-year recommendation and claim it is backed by trial evidence. Bankman-Fried is set to be sentenced on March 28 for cheating investors and customers of at least $10 billion in his businesses from 2017 to 2022.
Bankman-Fried’s FTX trading platform was once seen as pioneering in the cryptocurrency industry, but it later collapsed into bankruptcy in November 2022. The collapse occurred just weeks before Bankman-Fried was brought to the United States from the Bahamas for trial.
At his November trial, Bankman-Fried was convicted of fraud and conspiracy charges. Despite his testimony, the jury was not convinced. Mukasey argued on Tuesday that the probation office incorrectly calculated the sentencing guidelines. He outlined that a proper sentence should range between five and 6 1/2 years in prison at most.
Mukasey emphasized Bankman-Fried’s charitable works and his commitment to others, stating that an appropriate sentence would allow him to return “promptly to a productive role in society.”
Describing the recommended sentence as “grotesque” and “barbaric,” Mukasey urged the judge to reject it. He portrayed Bankman-Fried as a “brilliant, complex, and humane person” who is a first-time offender and does not engage in drug use or excessive drinking.
Bankman-Fried’s trading platform, FTX, was once the world’s second-largest crypto exchange, and he gained attention for his Super Bowl advertisements and endorsements from celebrities like Larry David and Tom Brady. However, following his arrest, evidence emerged suggesting that Bankman-Fried attempted to influence trial witnesses, resulting in his pretrial detention.
Bankman-Fried had been allowed to live with his parents, both Stanford Law School professors, in Palo Alto, California, for over six months. Mukasey countered the media portrayal of Bankman-Fried as a wealth-seeking billionaire by including quotes from his parents, who described his remorse and dedication to preventing the collapse of FTX.
Mukasey also revealed that Bankman-Fried has been diagnosed with anhedonic depression since college and has been taking antidepressant medication. Regardless of the sentence imposed, Mukasey stressed that Bankman-Fried will face ongoing social scrutiny and disdain.
As the sentencing date approaches, the court papers from both sides will provide further insight into the arguments surrounding Bankman-Fried’s possible prison term.