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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.
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.
According to Ray, Bankman-Fried falsely claimed that FTX customers should “get back all their money” and that he could help recover more value than the team behind the Chapter 11 bankruptcy petitions. However, Ray argues that these petitions were necessary to stop the damage caused by Bankman-Fried’s crimes and that the recovery rates would have been substantially lower without them.
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