Convicted crypto fraudster Sam Bankman-Fried, the founder of FTX, is now petitioning for a significant reduction in his potential 100-year sentence to just 5-6 years. According to a sentencing memo (via the Wall Street Journal), his defense team has cited his autism spectrum disorder as a primary reason for leniency.
Bankman-Fried was found guilty on all seven counts of fraud he faced last year, stemming from accusations of stealing billions from FTX customers, a case labeled one of the largest financial frauds in U.S. history. His sentencing is scheduled for March 28.
Sam Bankman-Fried Claims Autism to Shorten Sentence
Prior to the conviction, sources suggested that the FTX founder used Emsam, a depression medicine that can also treat autism symptoms.
Bankman-Fried's attorneys have presented a detailed argument highlighting his medical condition, including autism, and his alleged intentions to contribute positively to society through philanthropy.
They depict SBF, a believer in effective altruism, as a person unaffected by materialism, asserting that his actions were driven not by greed but by a desire to better the world.
"The harm to customers, lenders, and investors is zero," Bankman-Fried's defense team wrote.
The defense also accentuates Bankman-Fried's struggles with anhedonia, a condition marked by an absence of enjoyment and motivation since childhood, further asserting that a lengthy prison term could jeopardize his safety due to difficulties with social interaction inherent in his condition.
SBF's Camp Pushes for Shortened Prison Term
Bankman-Fried's lawyer, Marc Mukasey, is pushing for a sentence ranging from 5-1/4 to 6-1/2 years, significantly less than the maximum 110 years he faces.
This recommendation is supported by Bankman-Fried's parents, who highlight his efforts to rectify the situation following FTX's collapse, emphasizing his focus on repaying customers even after the possibility of salvaging his wealth had dissipated.
Mukasey contests the severity of the potential sentence, arguing against the assumption that Bankman-Fried intended to steal, especially considering FTX's recent assertion of plans to reimburse customers fully.
"Barbara and I...witnessed firsthand his single-minded focus on getting money back to depositors, long after there was any possibility he would be able to save any of his equity or wealth," SBF's father, also Stanford law professor Joseph Bankman wrote.
Reuters notes that Bankman-Fried's case draws comparisons to other high-profile legal battles, particularly those of Elizabeth Holmes and Michael Milken.
While acknowledging similarities with Holmes, the defense argues for a sentence more akin to Milken's, suggesting that Bankman-Fried's post-prison life could be dedicated to charitable endeavors if given a chance.
The defense also highlights the vulnerability Bankman-Fried faces in a prison environment due to his autism spectrum disorder, echoing concerns raised by his psychiatrist and mother.
Bankman-Fried's mother told the court that her son accepted accountability for his actions that led to FTX's collapse and was remorseful, but she was concerned about his safety in prison.
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