Former FTX CEO SBF will be sentenced in a courtroom in the middle of Manhattan tomorrow. Legal experts say he will likely be in prison for decades.
Former FTX CEO Sam Bankman-Fried is set to be sentenced on Thursday in a courtroom New York City and legal experts say he will likely be in prison for decades.
A number of legal experts say the former billionaire will get at least a few decades in prison, somewhere between 20 to 30 years. They expect Bankman-Fried to make a personal statement in court, though they still don't expect him to take full responsibility for what happened.
Just over the past few days, dozens of victim impact statements have flooded detailing the distress and financial hardship they have experienced since the exchange's collapse, while others, including a college friend, said Bankman-Fried should get a lighter sentence and could "be an asset to society."Due to the magnitude of the financial crimes, SBF will likely get a substantial prison sentence, Perry said.
"It will allow SBF a chance to plead for leniency, express remorse, explain actions, or present mitigating factors that might influence the sentencing decision," Perry said. "Most defendants will do an allocation, and there is no real harm in doing so. One reason he may not provide an allocation is if it would affect any arguments his team will bring on appeal, but that will be up to him and his defense team.
Overall, the former billionaire won't fully accept responsibility, and if he were to, that could hurt his ability to appeal, Enzer said. "It underscores the need for more stringent oversight and may prompt regulators and lawmakers to accelerate efforts to establish clearer rules for the sector," said former enforcement attorney Perry.
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