KEY POINTS
- A 121-page sentencing memo argued that SBF's personal history "support a lenient sentence"
- His lawyers said a decades-long sentence will prevent SBF from contributing to society
- The founder of collapsed FTX is faced with a maximum sentence of 110 years
New lawyers for disgraced crypto mogul Sam Bankman-Fried are asking the court to be more lenient to their client, calling a 100-year recommended sentence for the former CEO of collapsed cryptocurrency exchange FTX "grotesque."
The Pre-Sentence Report (PSR) recommendation to sentence SBF, as he is widely called in the crypto circle, to 100 years behind bars, is "grotesque," his new legal team argued in more than 120 pages of a sentencing memo filed this week. Such a punishment is meant for "heinous conduct," they said, pointing out that Bankman-Fried is a "first-time, non-violent offender."
SBF's conduct does not fall under heinous or "predatory" acts, the memo added. He "never intended to cause loss for the purpose of his own personal gain," they said. They also asked the court to review the "outpouring of letters" from SBF's friends, family, business colleagues and others to see that his personal history and characteristics "support a lenient sentence."
The memo also gave a supposed look into Bankman-Fried's life at the Bahamas Fox Hill, before he was extradited to the U.S. Fox Hill allegedly had "overcrowded and unsanitary" conditions, with SBF being "locked in a small room with six other inmates and a toilet that didn't flush."
For SBF's lawyers, a sentence that would put their client back "to a productive role in society" would be enough, compared to a decades-long imprisonment that they said would "end Sam's ability to lead a meaningful life and contribute to the neediest in society."
The 31-year-old former crypto darling was found guilty on all seven wire fraud and conspiracy charges in November. The charges, which were made following the shocking collapse of the FTX empire, carry a maximum sentence of 110 years. He is scheduled for sentencing on March 28.
His lawyers' latest move come just a week after he briefly appeared in court to confirm that he will retain his new attorneys through his sentencing even it comes with potential conflicts of interest.
SBF's appearance in court last week marked his first since his conviction. He told U.S. District Judge Lewis Kaplan that he will retain Marc Mukasey, a former member of ex-president Donald Trump's legal counsel. Mukasey also represents Celsius Networks' founder Alex Mashinsky.
FTX's sister company, hedge fund Alameda Research, allegedly used stolen FTX customer funds to repay Celsius, whom it owed money, prosecutors previously alleged.
Bankman-Fried's fall from grace and the collapse of his crypto empire was the biggest cryptocurrency news of 2022. It has since dragged other crypto firms into the picture – those that were exposed to what new FTX attorney Andy Dietderich called an "irresponsible sham created by a convicted felon."
