FTX founder Sam Bankman-Fried has been found guilty of all seven criminal charges against him a jury of twelve. However, the length of his prison sentence will be determined Judge Lewis Kaplan. Known for his no-nonsense attitude, Judge Kaplan is a veteran judge in the Southern District of New York. He has a reputation for being straightforward and has little tolerance for any form of misconduct in his courtroom, including chewing gum.
During Bankman-Fried’s four days on the witness stand, Judge Kaplan displayed his impatience with the defendant’s convoluted and contradictory answers. Bankman-Fried, a graduate of the Massachusetts Institute of Technology, would often rush through his responses and preface them stating that he is not a lawyer.
Bankman-Fried’s combative attitude towards Assistant U.S. attorney Danielle Sassoon also did not bode well for him in the eyes of the jury and the judge. The jury reached a unanimous verdict in just a few hours, indicating their conviction in the case. Law professor Yesha Yadav believes that this overwhelming consensus should give Judge Kaplan the confidence to impose a severe sentence.
Bankman-Fried has been convicted of wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. The maximum sentence for these crimes is roughly 115 years, but the actual sentence will be determined the recommended guidelines and the defendant’s criminal history.
Former prosecutor Renato Mariotti believes that Bankman-Fried could spend the next 20 to 25 years in prison due to the severity of his fraud and his behavior during the trial. Caroline Ellison, the former CEO of Alameda Research LLC and a key witness in the case, also stated that Bankman-Fried’s fraudulent actions were immense.
The sentencing date has been set for March 28 at 9:30 a.m. ET. While the federal sentencing guidelines suggest a lengthy prison term, the judge has discretion in considering all the circumstances of the case. Factors such as the number of victims and the amount of damage inflicted will play a role in determining the sentence.
Bankman-Fried’s sentence will also be influenced his age and the opportunity for him to make positive contributions in the future. However, the Department of Justice may bring a second case with separate charges against Bankman-Fried in March 2024. If found guilty in this case, he could face an even longer sentence.
In comparison to other high-profile cases, such as that of Elizabeth Holmes, founder of Theranos, Bankman-Fried’s crimes have reportedly caused even greater losses. Experts believe that this factor, along with the non-violent nature of the crimes, could lead to a significant sentence.
Ultimately, Judge Kaplan will determine the appropriate sentence for Bankman-Fried, with the aim of punishing him, deterring others, and promoting respect for the law. Former Assistant U.S. Attorney Kevin J. O’Brien believes that the sentence will likely be in the range of 15 to 20 years, considering Bankman-Fried’s age and the potential for him to rebuild his life after serving his term.