The new CEO of FTX is claiming that former CEO and convicted fraudster Sam Bankman-Fried has no remorse over his crimes and is only trying to reduce his prison sentence. Prosecutors have recommended 40 to 50 years.
To make matters worse for Bankman-Fried, the current CEO said all of this in a letter he sent to the judge.
Bankman-Fried may well end up doing some serious prison time.
Breitbart News reports:
Current FTX CEO Says Disgraced Fraudster Sam Bankman-Fried’s Remorse Is ‘Nonexistent’
In a scathing letter to Judge Lewis Kaplan, FTX Trading CEO John Ray alleges that disgraced FTX founder Sam Bankman-Fried made “callously” and “demonstrably false” claims in his sentencing memo to secure a lighter prison term. According to Ray, the harm caused by SBF is “vast” and his remorse is “nonexistent.”
Ars Technica reports that Sam Bankman-Fried, the disgraced founder of the now-collapsed cryptocurrency exchange FTX, has been accused of repeatedly lying in his sentencing memo to avoid what he considers a “grotesque” 110-year maximum prison term. In a detailed letter to Judge Lewis Kaplan, FTX Trading CEO John Ray alleges that Bankman-Fried made several false claims to paint himself in a better light and reduce his sentence to just five to six years, despite prosecutors suggesting a sentence between 40 and 50 years.
Ray states that Bankman-Fried “continues to live a life of delusion” by claiming that the “most reasonable estimate of loss” and “harm” to customers, lenders, and investors is “zero.” In reality, Ray has worked tirelessly to recover $10 billion in lost funds. Ray emphasizes the monumental task of addressing these claims and reducing them to their proper and “allowed” amount, stating that Bankman-Fried is “wrong, very wrong” to assume it is a “breeze.”
The judge is probably going to take all of this into account at sentencing and that’s very bad news for SBF.
He might not get 50 years but he won’t get 5 or 6 either.