Relatives of the ex-owner of the bankrupt FTX crypto exchange begged the judge to reduce the sentence, arguing that Sam’s naivety could put him in “extreme danger” behind bars, Business Insider reported.
“I sincerely fear for Sam’s life in a typical prison environment,” his mother, Barbara Fried, wrote in a letter to the judge. “His appearance, his inability to read and respond to certain social cues, and his poignant but naïve belief in the power of facts and reason to resolve disputes will place him in extreme danger.”
Letters from his parents and brother, as well as about 20 supporters, were included in a package of documents that lawyers submitted to the court on Tuesday. They demand that his prison term be reduced to 78 months or 6.5 years.
“In this environment, Sam’s reactions will sometimes be perceived as strange, inappropriate and disrespectful; when that happens, he will be in physical danger,” wrote Sam’s father, Joseph Bankman. “Nothing can justify such a risk.”
In November, a jury found Sam Bankman-Fried guilty of seven counts of wire fraud and conspiracy in a Manhattan criminal trial overseen by U.S. District Judge Lewis Kaplan.
First photo of Sam Bankman-Fried in jail #SamBankman pic.twitter.com/ZJHIgjGHRX
— FundedDesk (@FundedDesk) February 21, 2024
Prosecutors found that he “commingled” money from FTX clients with his other company, Alameda Research, and misappropriated it. It was also reported that the “naïve” Bankman-Fried used billions of client dollars to buy high-end goods or real estate, and was considering buying the island nation of Nauru to build a bunker there. The sentence carries a maximum penalty of 110 years in prison.
“Sam is only 32 years old and faces the prospect of spending most of his life in prison,” writes Barbara Fried. “His father and I understand that we will not live long enough to see him released. There are no words to express what we feel.”
Lawyers, meanwhile, said a lighter sentence would be warranted because FTX’s customers would likely get much of their money back in the company’s bankruptcy proceedings.
Prosecutors will also have until March 15 to submit their own recommendations ahead of a March 28 sentencing hearing.
In her emotional letter, Barbara Fried says her son has been mistakenly dubbed a “caricature villain driven by greed” who pulled off the “scam of the century”. In reality, he was supposedly altruistic and helped friends who had experienced family tragedies, even though he himself struggled with depression all his life.
“I don’t feel satisfied. I don’t feel happy. For some reason, my reward system never worked,” according to Bankman-Fried’s 2016 records, also attached to the appeal.
“I hate the pain I caused you. And I hate myself for causing her. I really wish I knew how to love you better. I’m sorry,” reads another letter from Sam, presumably to a loved one.
Barbara Fried, meanwhile, noted that his son’s behavior and nervous tics in court are related to autism
“He doesn’t respond well to social signals in ‘normal’ ways, he’s uncomfortable looking people in the eye, he’s uncomfortable with external displays of emotion,” Fried writes. “He is not interested in social conversation, but he will passionately and relentlessly express ideas to the extent that he can annoy and tire others.”
Barbara Fried — the most prominent expert on legal ethics — also said that John J. Ray III, the lawyer who led FTX after its collapse, ignored Bankman-Fried’s efforts to help clients get their money back.
“When John Ray publicly complained that FTX’s internal records were so bad they couldn’t compile a customer list, Sam immediately found the relevant documents and wrote to them, but his letters were never answered.”
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