The dad and mom of FTX founder Sam Bankman-Fried are exploring methods to acquire a pardon from President Trump for his or her disgraced crypto-billionaire son who’s at present serving a 25-year jail sentence, in accordance with a report.
Joseph Bankman and Barbara Fried, each Stanford Legislation College professors, have met with attorneys and different figures in Trump’s orbit a couple of clemency deal for Bankman-Fried, 32, who was discovered responsible of stealing greater than $8 billion from clients of his now-bankrupt cryptocurrency trade in November 2023, Bloomberg reported.
It’s unclear if the couple has reached out on to the White Home to debate a pardon, in accordance with the outlet.
The White Home, Bankman and Fried and a lawyer for SBF, who additionally filed a authorized attraction on his 2023 fees tied to the collapse of FTX, didn’t reply to the outlet’s request for remark.
The Put up has additionally reached out for remark.
Trump’s swift pardon of Silk Street founder Ross Ulbricht has inspired a slew of white-collar convicts, like Bankman-Fried, to place their instances in entrance of the president, the outlet mentioned.
Bankman-Fried has claimed his sentence imposed in March 2024 was “draconian” as a result of FTX purchasers received again a lot of the cash they misplaced and frequently asserted he was a sufferer of market downturn.
Former FTX government, Ryan Salame, who was sentenced to seven and a half years in jail for marketing campaign finance regulation violations, can be looking for a pardon, Bloomberg reported.
It’s but to be seen if SBF would have a neater time bargaining for a pardon than Ulbricht, a so-called champion of the free market. Trump has a popularity for supporting cryptocurrencies — with the trade hovering since he’s taken workplace.
He was additionally adjudicated for sexual assault and defamation lawsuits introduced by New York author E. Jean Carroll by the identical decide who sentenced Bankman-Fried, US District Choose Lewis A. Kaplan.
The tech mogul was discovered responsible on all seven fraud and conspiracy fees for his scheme to swipe cash from customers of his FTX trade to repay money owed at his failing hedge fund Alameda Analysis and buy lavish actual property.
This money seize led to the collapse of Bankman-Fried’s crypto empire, leaving 1000’s unable to withdraw their funds.
Kaplan granted the previous billionaire the 25-year sentence in March 2024 — lower than one-fourth of the 110-year max that Bankman-Fried confronted and effectively beneath the 40-to-50 years prosecutors instructed.
SBF is at present housed in a 15-man protecting custody unit reserved for individuals who want particular safety at Brooklyn’s infamous Metropolitan Detention Heart.
Others within the particular unit embody disgraced rapper Sean ‘Diddy’ Combs and alleged the United HealthCare CEO killer, Luigi Mangione.
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