Sam Bankman-Fried is now appealing to the courts to reduce his prison sentence to a minimum of more than five years only, going against the monumental decision against him when the court found him guilty. In this appeal, Bankman-Fried thinks that a 63-month period of serving his time incarcerated is already enough for his crimes, claiming that it is enough punishment for him.
Moreover, SBF maintains his innocence behind this accusation against him, and shortly, would look towards appealing his guilty verdict.
Sam Bankman-Fried Wants a 5-Year Prison Sentence
(Photo : ED JONES/AFP via Getty Images)
A new court filing from Sam Bankman-Fried is now looking to appeal his 110-year prison sentence and bring it down to around 63 to 78 months, as argued by his lawyers. This only brings his incarceration to around 5 and a quarter years to 6 and a half years, claiming that those who knew Bankman-Fried would see him more as a "compassionate" person, recommending an early return to society.
SBF's lawyers are also denouncing the presentence investigation report (PSR) on this filing, going against the proposed 100 years in prison for the fraudulent executive. Moreover, they said that the victims "are poised to recover" despite the calculated $10 billion loss due to his actions, with the lawyers referring to this as "erroneous."
The final decision for Bankman-Fried would have to be ready by March 15, with his sentencing to come down by March 28.
Apart from this appeal to reduce his prison sentence, the lawyers and Bankman-Fried are also looking to appeal the guilty verdict against him, and according to the filing, the executive still maintains his innocence amidst the charges. It was also argued by the lawyers that SBF's culpability in this entire fiasco was low, stating that he is caring and "not motivated by greed," among other reasons.
Sam Bankman-Fried and His Conviction
The disgraced former CEO of FTX was given the guilty verdict last November 2023, and this marks a landmark decision for US justice against the cryptocurrency industry and its scrutinies. Bankman-Fried received 110 years of prison time, accounting for the combined seven charges against him, to which he was found guilty of all these.
Since before and after the trial, Bankman-Fried is best known for maintaining his innocence, repeatedly claiming that he had nothing to do with defrauding FTX's customers and investors amidst their lowest points. It is known that the court visited his transactions and commands FTX colleagues regarding the transactions between Alameda and the crypto-exchange company, also allegedly moving money after they filed for their Chapter 11 bankruptcy.
Months after the initial court decision and serving his initial time, Bankman-Fried wants an earlier out, fielding the possibility of a lighter sentence for him to carry out, one that would possibly have him rejoin society in five to six years. SBF maintains his innocence and thinks that his proposed five-year incarceration would already be enough punishment as it is, with more appeals coming in the future for the disgraced CEO.
