Summary
FTX founder Sam Bankman-Fried’s legal team calls 100-year sentence recommendation “grotesque.” He has hired new lawyers, including Marc Mukasey, who previously represented Donald Trump. They filed a memo asking for a maximum of six and a half years in prison. Bankman-Fried was found guilty on wire fraud charges for the collapse of FTX. Despite comparisons to Bernie Madoff, his lawyers argue that FTX customers are projected to fully recover, with no actual losses. The bankruptcy estate is expected to repay customers in full. Bankman-Fried’s lawyers also highlight his modest lifestyle, even as a billionaire.
Key Points
1. Disgraced FTX founder Sam Bankman-Fried’s legal team is contesting the recommended 100-year sentence as “grotesque” in a court filing on Tuesday.
2. Bankman-Fried has hired a new team of lawyers headed by Marc Mukasey, who is known for representing former U.S. president Donald Trump, to represent him at his sentencing on March 28 in Manhattan.
3. The new legal team has filed a 121-page sentencing memo asking for Bankman-Fried to face no more than six and a half years in prison, despite being found guilty on all seven wire fraud and conspiracy charges.