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IPFS News Link • Courtroom and Trials

Current CEO of FTX Sends Letter to Judge Saying Sam Bankman-Fried's Level of Remorse...

•, By Mike LaChance

The new CEO of FTX is claiming that former CEO and convicted fraudster Sam Bankman-Fried has no remorse over his crimes and is only trying to reduce his prison sentence. Prosecutors have recommended 40 to 50 years.

To make matters worse for Bankman-Fried, the current CEO said all of this in a letter he sent to the judge.

Bankman-Fried may well end up doing some serious prison time.

Breitbart News reports:

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."

Ars Technica reports that Sam Bankman-Fried, the disgraced founder of the now-collapsed cryptocurrency exchange FTX, has been accused of repeatedly lying in his sentencing memo to avoid what he considers a "grotesque" 110-year maximum prison term. In a detailed letter to Judge Lewis Kaplan, FTX Trading CEO John Ray alleges that Bankman-Fried made several false claims to paint himself in a better light and reduce his sentence to just five to six years, despite prosecutors suggesting a sentence between 40 and 50 years.

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."