SBF Prison Time Hangs on Persuading Judge He Is No Bernie Madoff

-- The judge presiding over Sam Bankman-Fried’s sentencing Thursday will have to decide whether the fallen crypto mogul is a run-of-the-mill financial fraudster or a villain eclipsed only by Ponzi scheme mastermind Bernie Madoff.Using Your Premium Credit Card May Cost More After Visa-Mastercard Deal

In a court filing, prosecutors argued that Bankman-Fried deserved a sentence of as much as 50 years because the $10 billion in losses he caused were “right below Madoff,” whose crimes were estimated to have cost his victims $13 billion. The brief mentioned Madoff 25 times.Bankman-Fried, in his filing, insisted his actions didn’t harm customers or lenders. That was because crypto exchange FTX was solvent when it filed for bankruptcy and that it had the money all the time, he said.“Mr.

Commentators and judges have criticized the guidelines for recommending unduly harsh prison terms for some financial frauds. As a result, judges frequently sentence at the bottom of the guidelines or even below them. Bankman-Fried’s guideline sentence is 110 years, which even prosecutors think is too high.

Bankman-Fried should “take joy in what I think is the single best fact for him, which is nobody losing a lot of money, even though this could have been incredibly ugly,” he said. In the year following Bankman-Fried’s arrest, the crypto market has sharply rebounded, with Bitcoin reaching an all-time high of almost $74,000 earlier this month. The approval of Bitcoin exchange-traded funds by the US Securities and Exchange Commission in January, new crypto venture funding deals and recent legal victories for the industry have all fueled the renewed optimism around digital currencies.

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