Mark Kasten, a lawyer in Buchanan Ingersoll & Rooney’s blockchain and crypto-assets practice group, said Sam Bankman Freud (SBF) is unlikely to get a favorable deal from prosecutors. Speaking with CoinTelegraph. To receive credit for cooperation, SBF would have to help prosecute other bad actors but is unlikely to be able to do so and therefore unlikely to receive favorable terms.
SBF is currently on bail in the US where he is living with his parents. He is accused of defrauding consumers and creditors, securities fraud, commodities fraud, money laundering, and conspiracy to violate campaign finance laws. If convicted, SBF could face up to 115 years in prison.
Since the collapse of FTX, SBF has done some public interviews where he fully admits to mismanaging the funds that customers entrusted to him but claims that he did not intentionally defraud. According to Jim Cramer, from CNBC’s Mad Money, SBF’s lawyers probably wanted their defendant to keep quiet and admit nothing. Now that he’s done those interviews, Kramer, who has a background in law, said the legal system won’t care that SBF is a “good guy” and can crack down on him.
Customers with FTX are now waiting for some kind of process to open up where they can apply to get some of their money back through the bankruptcy process. It is not clear how much the SBF will be able to save given the huge mess it has left as a result. Apparently there is. Several billion dollars The value of the customer’s assets is missing.
Source: Coin Telegraph