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Sam Bankman-Fried Could Be Released from Prison Four Years Earlier
The 25-year prison sentence of Sam Bankman-Fried, the founder and former CEO of the now-collapsed FTX, might be reduced by more than four years, according to a report by Business Insider. So, if everything goes in Bankman-Fried’s favour, he could be released in December 2044.Cutting Down a 25-Year Prison SentenceBankman-Fried, the former crypto billionaire who once made large political donations, was convicted last November by a New York jury on seven counts of fraud and conspiracy to commit fraud for his dishonest business practices with the now-defunct FTX and its affiliates.Once known for his charitable charm, he misused billions of dollars in customer funds to cover losses at his hedge fund, Alameda Research, buy luxury real estate, and make political donations. He was also ordered to repay $11 billion in customer funds.The basis for his possible early release from prison is the provision of good behaviour. According to the Federal Bureau of Prisons (BOP), inmates can earn 54 days per year off their sentence under the “Good Conduct Time” rule. Time can also be reduced by joining various prison programmes.Bankman-Fried is currently held at the Federal Correctional Institution (FCI) Terminal Island in Los Angeles, California, a low-security federal prison. However, after his sentencing, he spent some time at another facility in Brooklyn.Meanwhile, Bankman-Fried’s legal team has already appealed the 25-year sentence, arguing that the judge in the hearing “never presumed [him] innocent.”Former FTX Executives Behind BarsBankman-Fried’s conviction followed testimony from several former associates. Caroline Ellison, the former CEO of Alameda Research and Bankman-Fried’s ex-girlfriend, who was also a key witness in the case, was sentenced to two years in prison. She could be released six months early for good behaviour.Ryan Salame, the former co-CEO of FTX, has also been sentenced to seven and a half years in prison. Gary Wang and Nishad Singh, however, avoided prison altogether due to their cooperation in the case. Salame did not testify against his former colleague. This article was written by Arnab Shome at www.financemagnates.com.
The 25-year prison sentence of Sam Bankman-Fried, the founder and former CEO of the now-collapsed FTX, might be reduced by more than four years, according to a report by Business Insider. So, if everything goes in Bankman-Fried’s favour, he could be released in December 2044.
Cutting Down a 25-Year Prison Sentence
Bankman-Fried, the former crypto billionaire who once made large political donations, was convicted last November by a New York jury on seven counts of fraud and conspiracy to commit fraud for his dishonest business practices with the now-defunct FTX and its affiliates.
Once known for his charitable charm, he misused billions of dollars in customer funds to cover losses at his hedge fund, Alameda Research, buy luxury real estate, and make political donations. He was also ordered to repay $11 billion in customer funds.
The basis for his possible early release from prison is the provision of good behaviour. According to the Federal Bureau of Prisons (BOP), inmates can earn 54 days per year off their sentence under the “Good Conduct Time” rule. Time can also be reduced by joining various prison programmes.
Bankman-Fried is currently held at the Federal Correctional Institution (FCI) Terminal Island in Los Angeles, California, a low-security federal prison. However, after his sentencing, he spent some time at another facility in Brooklyn.
Meanwhile, Bankman-Fried’s legal team has already appealed the 25-year sentence, arguing that the judge in the hearing “never presumed [him] innocent.”
Former FTX Executives Behind Bars
Bankman-Fried’s conviction followed testimony from several former associates. Caroline Ellison, the former CEO of Alameda Research and Bankman-Fried’s ex-girlfriend, who was also a key witness in the case, was sentenced to two years in prison. She could be released six months early for good behaviour.
Ryan Salame, the former co-CEO of FTX, has also been sentenced to seven and a half years in prison. Gary Wang and Nishad Singh, however, avoided prison altogether due to their cooperation in the case. Salame did not testify against his former colleague. This article was written by Arnab Shome at www.financemagnates.com.
