In the context of FTX founder Sam Bankman-Fried’s conviction on prison prices, XRP lawyer John Deaton raised the side of involvement of the FTX founder’s father within the misdoings that led to the collapse of the crypto alternate in November 2022. On Thursday, November 2, 2023, a jury found Bankman-Fried responsible of prices together with wire fraud, conspiracy to commit fraud and conspiracy to commit cash laundering on a number of counts.
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How Big A Sentence Will SBF Get?
Taking into consideration punishment on all of the seven prison prices, the utmost sentence provides as much as over 100 years. This got here after a trial involving the FTX founder’s shut associates testifying in opposition to him earlier than the jury during the last one month. Further to this, the choose has scheduled sentencing proceedings for March 28, 2024. Attorney John Deaton predicted that the FTX founder would get a sentence of over 60 years.
Meanwhile, Bankman-Fried’s legal professionals stated the jury verdict could be contested, saying the FTX founder “will continue to vigorously fight the charges against him.”
Role Of Joseph Bankman
Attorney Deaton indicated it’s common data that Joseph Bankman, the FTX founder’s father, can be responsible of fraud allegations. When requested in regards to the involvement of his mother and father within the case, Deaton recalled the e-mail findings of Joseph Bankman searching for increased wage from his son.
“We all know his Dad is also complicit. He didn’t structure those holding companies by himself. His dad didn’t demand a higher salary for nothing.”
In September 2023, FTX, below the present chief govt officer John J. Ray III, has filed a lawsuit in opposition to Sam Bankman-Fried’s mother and father Joseph Bankman and Barbara Fried over hundreds of thousands of {dollars} in fraud transfers and misappropriated funds. In reality, Bankman-Fried was beforehand accused of utilizing the identical cash to pay for his authorized prices.
Interestingly, the lawsuit submitting revealed a January 2022 electronic mail from Joseph Bankman to Sam Bankman-Fried that stated he was not pleased with the $200,000 annual wage he obtained, and that it was solely 20% of what he believes needs to be getting.
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