Slashdot is powered by your submissions, so send in your scoop

 



Forgot your password?
typodupeerror
×
Bitcoin Crime

SBF Asks For 5-Year Prison Sentence, Calls 100-Year Recommendation 'Grotesque' (arstechnica.com) 189

An anonymous reader quotes a report from Ars Technica: Convicted FTX fraudster Sam Bankman-Fried pleaded for a lenient prison sentence in a court filing yesterday, saying that he isn't motivated by greed and "is already being punished." Bankman-Fried requested a sentence of 63 to 78 months, or 5.25 to 6.5 years. Because of "Sam's charitable works and demonstrated commitment to others, a sentence that returns Sam promptly to a productive role in society would be sufficient, but not greater than necessary, to comply with the purposes of sentencing," the court filing (PDF) said. Bankman-Fried's filing also said that he maintains his innocence and intends to appeal his convictions.

A presentence investigation report (PSR) prepared by a probation officer recommended that Bankman-Fried be sentenced to 100 years in prison, according to the filing. "That recommendation is grotesque," SBF's filing said, arguing that it is based on an erroneously calculated loss of $10 billion. The $10 billion loss asserted in the PSR is "illusory" because the "victims are poised to recover -- were always poised to recover -- a hundred cents on the dollar" in bankruptcy proceedings, SBF's filing said. The filing urged the court to "reject the PSR's barbaric proposal" of 100 years, saying that such sentences should only be for "heinous conduct" like terrorism and child sexual abuse.

The founder and ex-CEO of cryptocurrency exchange FTX, Bankman-Fried was convicted on seven charges with a combined maximum sentence of 110 years after a monthlong trial in US District Court for the Southern District of New York. The charges included wire fraud and conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering. US government prosecutors are required to make a sentencing recommendation by March 15, and US District Judge Lewis Kaplan is scheduled to issue a sentence on March 28.

This discussion has been archived. No new comments can be posted.

SBF Asks For 5-Year Prison Sentence, Calls 100-Year Recommendation 'Grotesque'

Comments Filter:
  • Start with 10 years for his role in this mess and after that parole him as soon as everyone with these "illusory" losses is made whole.

    • by fahrbot-bot ( 874524 ) on Wednesday February 28, 2024 @05:27PM (#64277078)

      Peg the length of his sentence to the (wildly fluctuating) price of a crypto currency.
      Maybe one day he'll get lucky and his time served will surpass it. :-)

    • Re: (Score:3, Insightful)

      Prisons should only be used for violent people who need to be physically separated from civilized society.

      For everyone else, there are better punishments.

      It's silly how putting people in cages has become the default remedy for every problem.

      SBF could wear an ankle tracker while cleaning bedpans in nursing homes for 60 hours per week.

      That way, he can contribute to society instead of being a burden.

      • Re: (Score:3, Interesting)

        by quonset ( 4839537 )

        That way, he can contribute to society instead of being a burden.

        Sociopaths don't contribute to society. He has shown no remorse for his crimes and still denies he did anything wrong [apnews.com].

        Better to just shoot him and move on.

        • by ShanghaiBill ( 739463 ) on Wednesday February 28, 2024 @07:11PM (#64277338)

          Sociopaths don't contribute to society.

          Why not? Sociopaths can clean a bedpan just as well as anyone else.

          He has shown no remorse for his crimes

          So? Why is it better for him to be unremorseful sitting in a prison cell instead of being unremorseful while scrubbing a bedpan?

          • Re: (Score:2, Insightful)

            by Anonymous Coward
            The problem is the cost to society of him cleaning that bedpan is probably more than paying someone else to do it. Just the tracking and monitoring alone would make it just not worth it whats more it gives him an opportunity to reoffend or skip the country as I seriously doubt the government knows where all the funds he stole are.
          • Why not? Sociopaths can clean a bedpan just as well as anyone else.

            But how do you make sure he never, ever touches a computer?

            • Are you so afraid of his salesmanship that you don't trust yourself to withstand his pitches unless he's in jail?

            • But how do you make sure he never, ever touches a computer?

              Do you really believe that if he touches a computer, he will instantly become a billionaire again?

          • by Tom ( 822 ) on Thursday February 29, 2024 @01:17AM (#64277808) Homepage Journal

            Why not? Sociopaths can clean a bedpan just as well as anyone else.

            Not sure about sociopaths, but after living with a narcissist (which is more likely what Sam is) I can tell you that attempting to force such people to do any productive work they don't want will create MORE work for the people doing the forcing than it would be if they'd just do it themselves. Or in other words: A net loss for society.

            I do agree that prison isn't the only answer to crime. But there are things between cells and community work. Scandinavia has prisons that are essentially prisoner-run and focus on teaching crafts and useful skills to the prisoners so they can re-integrate with society. I hear the model is quite successful.

            • At a prison in Sweden, the guards accidentally left the doors unlocked overnight.

              The prisoners escaped from their room, went to the kitchen, and ... baked a cake.

              They then ate the cake in the common area while they watched TV.

            • I can tell you that attempting to force such people to do any productive work they don't want will create MORE work for the people doing the forcing than it would be if they'd just do it themselves.

              Total state expenditure for locking people up has topped $43bn / year. There are costs to keeping someone locked up as well.

              • by Tom ( 822 )

                That's true. The net minus may be less than locking him up. I'm just saying anyone who thinks that people like Sam would contribute a net plus to society don't understand how such people think.

        • by Powercntrl ( 458442 ) on Wednesday February 28, 2024 @08:56PM (#64277534) Homepage

          He has shown no remorse for his crimes and still denies he did anything wrong [apnews.com].

          He separated a bunch of fools from their money, which is perfectly legal in different contexts. Some examples off the top of my head:

          You can sell someone a college education in an unmarketable major and convince them to pay for it with a loan that can't be discharged in bankruptcy.
          You can offer revolving credit schemes where your customers can easily end up paying more in interest than the original cost of their purchases.
          You can sell supplements that have no scientifically proven medical efficacy.
          You can sell vacant land that isn't zoned to be improved.
          You can sell a used vehicle with no warranty that breaks the moment it is driven from the lot.
          You can sell a timeshare with maintenance fees that are so high, the ownership itself is essentially a burden, and where it's not uncommon for third-party resale to involve the seller actually paying a buyer to take the timeshare off of their hands.
          Gambling, but granted that is an activity which is illegal or limited to specific forms (such as state lotteries) in most states.

          SBF's mistake was that what he did was already recognized as fraud, and that's mostly the case because rich investor types really hate being taken advantage of and they have the wealth and influence to buy favorable laws to protect themselves. If SBF was instead selling boner pill supplements that didn't actually work, to the average middle-class Joe who can't get it up, we wouldn't be reading this story right now because that's perfectly legal.

          • Oh honestly, theres a part of me that thinks he should have been given the presidential medal of honor for what he did. He turned billionares into millionares, and millionares into bankerupts, and mostly his victims are the same people that have gentrified san fransisco into a place where most of its long time families cant afford to live anymore, and have turned our kids into zombies with 24/7 social media gadgets. Oh no, some rich douchebag cant afford a secon superyacht, well cry me a river while I try t

          • "He separated a bunch of fools from their money, which is perfectly legal in different contexts. Some examples off the top of my head:" This is like saying Ted Bundy shouldn't have gone to prison because soldiers don't go to prison for killing the enemy during a war.
            • This is like saying Ted Bundy shouldn't have gone to prison because soldiers don't go to prison for killing the enemy during a war.

              Actually, captured enemy combatants do go to prison. They only avoid prison if they manage to make it back to their home country without being captured, so that's a matter of context as well. Some people actually aren't okay with the concept of murder being considered acceptable under the right context; we call them "conscientious objectors."

          • He separated a bunch of fools from their money

            Yes he did, but to be clear that was *not* one of the crimes he is being punished for since that isn't illegal. What he is being punished for is what he did with that money.

            It's not the context that matters, but rather your understanding of the fundamental crime involved. None of what you listed is fraudulent and as such completely irrelevant to what SBF has done.

            You're entitled to be an arsehat. The line gets drawn when you break a clearly defined rule. E.g. you can sell a bomb of a vehicle. However if tha

      • by Kisai ( 213879 )

        You fail to follow the logic.

        High security Prison's are for people who will likely re-offend violently.

        Everything below that is for those who killed someone in self-defense, or a crime of passion but perhaps it came off as premeditated. Everything else, from drug crimes to financial crimes are "society damage" and letting someone back out into society where they basically got a slap on the wrist, isn't a punishment.

        The only people who should be allowed back into society without serving time in jail or priso

      • Yeah and in his spare time create a whole new billion dollar black hole scam market.
    • by mysidia ( 191772 )

      Meh... they won't ever be made whole. 100 years is grotesque though.

      Considering it's a non-violent crime: I would say give him 12 years, followed by 5-years of Supervised release.

      One of the terms for completing his Supervised release should be that he shall complete Payment of restitution in full for all remaining losses.

      • Meh... they won't ever be made whole. 100 years is grotesque though.

        Considering it's a non-violent crime: I would say give him 12 years, followed by 5-years of Supervised release.

        If one ascribes to this level of "justice," would that necessarily imply that stealing less than $10 billion should in a sentence of far less than that number of years? Yet, in our society, we push for 3-strikes and out for stealing thousands of dollars and leniency for stealing billions of dollars.

        • Yet, in our society, we push for 3-strikes and out for stealing thousands of dollars and leniency for stealing billions of dollars.

          Well of course. It's always been a fight between the haves and have-nots.
          If the have-nots don't behave, the haves make sure they end up in a dark hole. If the haves don't behave, he's slapped on the wrist and they laugh about it at a cocktail party.

          Unless of course the have rips off other haves... then you get Madoff'd.

        • If one ascribes to this level of "justice," would that necessarily imply that stealing less than $10 billion should in a sentence of far less than that number of years? Yet, in our society, we push for 3-strikes and out for stealing thousands of dollars and leniency for stealing billions of dollars.

          Indeed if 10 billion is worth 10 years then the typical shoplifter is hardly worth arresting for the few seconds that would be an equivalent sentence.

      • many (admittedly morons) that lost their homes, live savings etc will claim it was a very violent crime, it probably was life ending for some. He is unlikely to be able to pay restitution even if he had a 100 life times to earn it (at least not legally). Realistically it has to be at the top end of financial crimes, 20+ years a minimum.
      • by Ed Tice ( 3732157 ) on Wednesday February 28, 2024 @07:33PM (#64277396)
        If I can steal $100B and only spend 12 years in jail, please let me know because that's significantly more than my current salary.
    • No parole in Federal prisons.

    • by ceoyoyo ( 59147 )

      I don't really have a lot of sympathy for the people who gave a bunch of dumb twenty-somethings in Bermuda obscene amounts of money and "money" to do, uh, something with. Consider it a valuable lesson in not being a not-twenty-something-anymore idiot.

      Imprisoning one of the dumb twenty-somethings for a hundred years because Goldman Sachs and JPMorgan lost their collective minds does seem pretty harsh.

    • by Kisai ( 213879 )

      Oh hell no. If you cause financial losses, you are personally responsible for all of it. If you can't pay it back, then you stay in jail until you work it off.

      Good luck working off those literal slave-wages in jail.

      • Oh hell no. If you cause financial losses, you are personally responsible for all of it. If you can't pay it back, then you stay in jail until you work it off.

        Good luck working off those literal slave-wages in jail.

        That's what I said. Minimum 10 years, can parole after 10 years only if everyone is made whole

    • by cob666 ( 656740 )

      Start with 10 years for his role in this mess and after that parole him as soon as everyone with these "illusory" losses is made whole.

      Or better yet, stick him with the 100 year sentence and then after the defense can prove that every victim was made whole, drop the sentence to 5 years minimum, minus time served for the 100 year stint.

  • by Joe_Dragon ( 2206452 ) on Wednesday February 28, 2024 @05:12PM (#64277032)

    If we get caught, we're not going to white-collar resort prison. No, no, no. We're going to federal POUND ME IN THE ASS prison.

  • by dfghjk ( 711126 ) on Wednesday February 28, 2024 @05:21PM (#64277058)

    "...a sentence that returns Sam promptly to a productive role in society would be sufficient"

    What would that productive role be? Defrauding people. Did SBF ever do anything else? Born in 1992, fraud is all SBF knows.

    • by Mspangler ( 770054 ) on Wednesday February 28, 2024 @05:42PM (#64277114)

      "Because of "Sam's charitable works"

      The "charity" was to buy political favors with stolen money.

      So how does one get through to a full blown narcissist? It's times like this the Eighth Amendment becomes inconvenient.

      Lock him up until Full Retirement Age, then make him live on Supplemental Security Income?

      • by taustin ( 171655 )

        It's really easy to be charitable with other people's money.

      • That's what he's really trying to say here. "Get me a light sentence or I might talk to some people about campaign contributions that fall into something of a grey area." I'll guarantee you there are a few politicians that are trying to figure out if they'd be able to bury their own involvement with SBF or what kind of favors they can pull to keep him quiet and the gravy train rolling.
        • SBF didn't kill himself.

        • by tlhIngan ( 30335 )

          That's what he's really trying to say here. "Get me a light sentence or I might talk to some people about campaign contributions that fall into something of a grey area." I'll guarantee you there are a few politicians that are trying to figure out if they'd be able to bury their own involvement with SBF or what kind of favors they can pull to keep him quiet and the gravy train rolling.

          What kind of threat is that? So he's threatening to make a few politician's lives uncomfortable? In what way is that a conce

    • by mspohr ( 589790 )

      That's why he needs to be in prison... to prevent him from committing more fraud... for a long time.

    • What would that productive role be? Defrauding people. Did SBF ever do anything else? Born in 1992, fraud is all SBF knows.

      Don't be ridiculous, SBF isn’t even really in prison for defrauding people. He’s in prison for defrauding extremely rich people. Just like Elizabeth Holmes and Bernie Madoff, stealing from the wrong people while rich is actually a crime. Stealing from the plebs is a time honored American pastime, that’s AOK. Take a penny from a Billionaire and a death sentence is too light.

    • But see - defrauding millionaires and billionaires is OK. They'll recover.

    • by AmiMoJo ( 196126 )

      The real question is what is the purpose of locking him up?

      If it's to reform him, then it only needs to be long enough to do that. If it's to deter other people from doing likewise, it's unlikely to work and no amount of time behind bars will have the desired effect.

      If it's just revenge for the victims, then making them and the rest of us pay for the rest of his natural life doesn't seem like a good way to get it.

      Honestly, 5 years and close monitoring afterwards seems like enough, IF he is willing to help p

  • by ClueHammer ( 6261830 ) on Wednesday February 28, 2024 @05:26PM (#64277074)
    on how many people he annoyed, and how much money was involved and how much hard was done. These are all rather high in this case, so lock him up forever, no release.
  • by 93 Escort Wagon ( 326346 ) on Wednesday February 28, 2024 @05:30PM (#64277088)

    Sam says - "I'm rich. I come from an affluent family. Prison isn't for people like me!"

    • by taustin ( 171655 )

      While I have no doubt that's what he says inside his head, since Leona Helmsley's [wikipedia.org] " "We don't pay taxes; only the little people pay taxes" comment, defense attorney's have coached their clients a lot better on what to say out loud.

    • The only thing grotesque here is his rhetoric-diarrhea he keeps spewing. It gives an interesting glimpse into the psyche and thought process of a filthy rich, wealthy privileged family background mindset. Even in the face of utter greed, corruption and stealing literal billions, Sam-Fraud is STILL running his mouth and trying to get a better deal and still trying to twist and bend reality.
      He is the prime example of rules for thee but not for me. He is the picture book perfect face of some of the worst the f

  • Bankman-Fried requested a sentence of 63 to 78 months, or 5.25 to 6.5 years. Because of "Sam's charitable works and demonstrated commitment to others, a sentence that returns Sam promptly to a productive role in society would be sufficient, but not greater than necessary, to comply with the purposes of sentencing," the court filing (PDF) said

    TRANSLATION: "Yes, I fucked over tons of people and caused loads of families to lose their homes and savings while I partied in the Bahamas, but I mean, gosh, I'm reall

  • by Anonymous Coward on Wednesday February 28, 2024 @05:36PM (#64277102)

    He stole 30441 years of peoples time/money (at $40 p/h),
    this chump has no idea of the value of money, he took more time than society has ever existed, mf is lucky he ain't dead, lotta people don't take kindly to losing that kind of time/money.

    • Anyone investing in cryptocurrency doesn't really appreciate the value of their money either, given they're fine with throwing it all away.
  • by laughingskeptic ( 1004414 ) on Wednesday February 28, 2024 @05:50PM (#64277138)
    He treated the funds of over 1,000,000 client accounts as his personal piggy bank. A sentence of 1,000,000 years seems far more appropriated than 10 or even 100. Larceny on a grotesque scale should have a comparable punishment.
  • Keep that psycho away from people. No remorse: he'll do it again.

  • Interesting to compare with the sentencing of Ross Ulbricht who is serving a double life sentence plus 40 years without parole.

    • That dude was into ALL THE CRIMES. It was the explicit purpose of silk road. His attempts to hire hit-men probably didn’t help his sentence either. He also gave a big double-middle-finger to a plea deal, preferring to take his chances in court. He deliberately passed a dozen off-ramps before going over the cliff.

      I find it really illuminating that libertarians find THIS guy to be a hero. It tells me there’s really not much line between libertarianism and anarchism.

      SBF’scrimes arent
  • by wakeboarder ( 2695839 ) on Wednesday February 28, 2024 @06:39PM (#64277270)
    The magnitude of crime he committed. There is a reason they gave him 100+ years. If you find yourself the biggest scammer in all of history, then you could expect a large prison sentence.
  • by TheSlashdotHunter ( 10317841 ) on Wednesday February 28, 2024 @06:54PM (#64277310)
    People don't live to 100. If you mass shot up a school, maybe you should serve life, but if you didn't kill anyone, that should NEVER be a sentence imposed on anyone. The U.S. loves these long insane sentences, and its why the U.S. has so many people in prison. It's funny how its fine if its for -- insert here --, just not fine for me. Life sentences only mean something if they are rare, but here in the U.S. it's everyday practice, for anything. IMHO, people did pay in bakruptcy, probabaly with my tax dollars, or with an increse in product price by me to offset his BS. I think 10 years would do him so good. 100? not unless he committed mass murder.
    • Re: (Score:2, Informative)

      by Anonymous Coward
      the problem with your sort of thinking is it doesn't given enough of a disincentive. basically many people would look at 10 years if caught if I steal 10 billion dollars and ruin the lives of 10's of thousands of people. seems like a decent gamble. besides which he almost certainly did kill people indirectly through this, there were quite a number of suicides for people that lost everything.
    • Idiotic Americans... zero "innovation" or creativity when it comes to crime. I've lived in the USA all my life and you'd not believe how fast their brains turn off when the topic of crime comes up. Emotions, yes, but no brains.

      A huge fraudster needs to be prevented from doing any fraud again. This can be done without any jail time. He needs to pay back the damage he created; which isn't likely given his talent is fraud and not likely real business or real market value. He can pay back a massively high % of

      • If you put him back on the street, with or without a huge bill to pay, he'll just do it again. The only way you're going to prevent that is if you pay someone to exercise very detailed oversight, which would cost more than keeping him in prison. And, no, the fact that he was convicted for doing it once won't prevent people from buying his crap another time.
    • Finally, someone with a sane comment. Reading these cruel comments makes me lose faith in humanity and America. It's no wonder America throws human beings into cages at rates comparable to North Korea! What a terrible shame. Have some faith in healing and restoring people. May I never stop fighting for the Land of the Free and the Home of the Brave I was brought up to believe in! God bless America, and may we see a day when all people are treated with dignity and care! All faiths and non-faiths, all orienta
    • It's because the government has decided that basically every punishment besides prison is "cruel and unusual", so prison is it. It's insane, really. Nobody benefits from someone like him being in prison and there are other ways to punish him. Release him to the world, make him work a menial job with no computer access (not even a cell phone) for the rest of his life, have the court take all of his paychecks and give him enough to eat and pay rent, with any excess going to his victims. He can then be an

  • This is a great example of the sense of entitlement and privilege held my many people today. Just because his parents are rich and influential, he does not deserve any special consideration for his crimes. All the people he defrauded and all the money he stole are the determining factors here and the amount is so high that the punishment deserves to be astronomically high, as well. It's clear from his attitude that this spoiled little snit will never be a productive member of society. Rot in jail, Sam.

  • If you want a light sentence, steal from the poor like Scott Tucker. If you steal from the rich like Bernie Madoff they'll lock you up for a zillion years.

  • by Tom ( 822 )

    saying that such sentences should only be for "heinous conduct" like terrorism and child sexual abuse.

    What is he thinking? That children or lives are more important than MONEY ? What a daft assertion!

    (he's a criminal and deserves to be locked up for all I know. But there is merit to the argument that 100 years is excessive and an artefact of how sentences are calculated)

  • All he did was lie to everyone about billions, use it to heavily affect US politics, and lose people mountains of money while running his giant company like a complete lunatic. That's all. I'm thinking life in prison minimum, chilling effect execution maximum. This guy lives in his own delusional world if he thinks it's "not that bad."

The 11 is for people with the pride of a 10 and the pocketbook of an 8. -- R.B. Greenberg [referring to PDPs?]

Working...