Former FTX CEO Sam Bankman-Fried’s family and prison cellmates reveal more about the disgraced former exchange boss, amid concerns for his physical safety and talks of his good character and desire to help others. He pleaded with the judge to give him a lenient sentence.
As sentencing approaches next month, Bankman-Fried’s lawyers asked the court Tuesday to consider: sentence Ranging from 63 to 78 months. Former executives could face more than 100 years in prison.
Twenty-nine letters of support were submitted Tuesday in support of Bankman-Fried, including from his father Joseph Bankman, his mother Barbara Fried, his brother Gabriel Bankman-Fried and Sam’s prison cellmate, former New York police officer Carmine Simpson.
“I am truly afraid of Sam’s life in a typical prison environment,” Freed said in the letter. “Sam’s outward appearance, his inability to read or respond appropriately to many social signals, and his touching yet naive belief in the power of action and reason to resolve conflict place him in extreme danger.”
Bankman-Fried was found guilty by a New York jury last November on all seven criminal counts for defrauding FTX’s customers, lenders and investors. FTX’s new management He later sued his parents, accusing them of using their influence on the exchange to siphon off millions of dollars at the expense of creditors.
mother’s plea
Fried, a retired Stanford law professor, said the perception of his son “couldn’t be further from the truth.”
“It is easy to become cynical about other people’s motivations to do good in the world,” Fried said in the letter. “It’s even easier in Sam’s case because the only thing the world knows is his connection to what has been mercilessly described in the press over the past year as the ‘scam of the century’ and what he has portrayed as a cartoonish villain: Greed.”
Freed said her son has lost 30 pounds since August after eating junk food, thanks to a 10-year vegan diet. Bankman-Fried lived on steak and fries until she was 18, and after seeing farm animals treated, she became vegetarian and eventually vegan, she said.
“His determination to promote veganism in prison, where he had to survive on junk food due to the lack of vegan food, speaks volumes about his strength of character and moral commitment,” Fried said.
‘Captured by conversion’
Fried also detailed what Bankman-Fried did after the FTX collapse and said he was “riddled with remorse.”
“He told me that it’s the first thing you think about when you wake up and the last thing you think about when you go to sleep, and there’s a lot of time in between,” she said.
Bankman-Fried presented balance sheets and spreadsheets to bankruptcy officials, but the U.S. Bankruptcy team immediately blocked him, according to his mother. John Ray III, who took over the company after it went bankrupt, told the public that FTX’s financial situation was not good. worst confusion He’s seen it before in his career.
“When John Ray publicly lamented that FTX’s internal records were so bad that they could not compile a customer list, Sam immediately found the relevant documents and wrote to the Ch 11 team, offering to show them how to access the existing list.” Pride said. “They didn’t respond to his emails at all.”
His mother also spoke about the tutoring sessions Bankman-Fried ran at the prison, which helped two inmates serving life sentences.
“At just 32 years old, Sam has his future ahead of him. He now faces the prospect of spending most of the rest of his life in prison. His father and I face the very real possibility that we will not live long enough. “I want to see him released.” She said. “Words cannot describe the sadness we feel.”
Sam’s housemate
Carmine Simpson, who said her bed and locker were next to Bankman-Fried’s, said the former executive did not belong there.
“When he first told me that the main reason he worked so hard to become successful and wealthy was to donate all his money to noble causes and people in need, I honestly thought he was going to bust my ass. ” Simpson said. “Very quickly, I came to the conclusion that Sam was the most selfless person I have ever had the privilege of meeting.”
Simpson also spoke about Bankman-Fried’s commitment to veganism, saying she was eating “undercooked rice, a spoonful of disgusting-looking beans and a week-old lettuce.”
Simpson also raised concerns about Bankman-Fried’s prison safety and said he has been the target of more bullying, harassment and assault than the average inmate.
“Sam’s case resulted in extensive media coverage, which has had and will have even more negative consequences,” Simpson said. “Sam’s estimated wealth is higher than any inmate can calculate, which leads to several extortion attempts.”
Not an attention seeker.
Bankman-Fried’s father, who is also a Stanford law professor, similarly spoke about his son’s personality, saying he never sought attention or fame.
“Anyone who knows Sam will find the popular portrayal of him as a greed-driven CEO with dreams of celebrity truly grotesque,” Joseph Bankman wrote in his letter.
Bankman also emphasized concerns about her son’s safety.
“If you give them a harsh sentence, they will likely end up in a high-security (or at best, medium-security) prison,” Bankman said. “This environment will place Sam in an environment where his responses to social cues may at times seem strange, inappropriate and rude. If that happens, he will be at serious physical risk. Any action he does “I can’t justify putting him in such danger.”
Sam’s younger brother, lobbyist Gabe Bankman-Fried, wrote a letter to the judge saying Sam’s life would be “wasted” in prison. He also highlighted his brother’s lack of interest in material possessions.
“When he visited me in D.C., he would sleep on my couch, not in five-star hotels. We would eat at Chipotle. We would joke about flaunting fame and wealth,” his brother said.
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