Debate Arises Over Length of Sentence for FTX Founder Sam Bankman-Fried
XRP attorney John Deaton argues that Sam Bankman-Fried's recent 25-year prison sentence seems insufficient given the severity of his crimes.
On Thursday, FTX’s former CEO Sam Bankman-Fried received a 25-year prison term from Judge Lewis A. Kaplan for his involvement in fraud and money laundering, leading to the disappearance of $8 billion in customer funds.
Charles is 💯 on 🎯
I’ve been both a criminal defense lawyer and a federal prosecutor during my legal career. In my opinion, SBF should’ve gotten twice that amount. If you commit fraud and steal hard-working people’s life savings, you deserve a harsher prison sentence. https://t.co/Kh3NudIoOJ
— John E Deaton (@JohnEDeaton1) March 28, 2024
Despite facing charges that could have resulted in up to 110 years behind bars for seven counts of guilt, SBF ultimately received a 25-year sentence.
American journalist Charles V. Payne voiced dissatisfaction with the sentence, a sentiment echoed by Deaton, who believed the punishment should have been harsher, suggesting a term of up to 50 years given the gravity of SBF’s offenses.
READ MORE: KuCoin’s Legal Woes Compared to FTX
Despite efforts by SBF’s legal team to secure a six-year sentence, the Department of Justice anticipated a prison term closer to 30 years.
Numerous industry figures, such as Dan Held and Jake Chervinsky, expressed disappointment with the judgment, with Chervinsky drawing comparisons to Ross Ulbricht’s punishment for operating the Silk Road. Ulbricht received two consecutive life sentences plus 40 years for his role, whereas SBF, despite defrauding users of $8 billion compared to Silk Road’s $1.2 billion in transactions, received a notably shorter sentence.
In addition to the prison term, the court ordered the 32-year-old SBF to forfeit $11 billion in personal assets.
Alexander Stefanov
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