According to a crypto lawyer, FTX founder Sam Bankman-Fried will spend his full sentence in prison.
In an interview with journalist Tiffany Fong, crypto lawyer Carlo D’Angelo said that Sam Bankman-Fried does not qualify for parole.
Chatting w/ criminal defense attorney @DeFiDefenseLaw about the fate of SBF’s co-conspirators Caroline Ellison, Gary Wang & Nishad Singh, SBF’s parents (Barbara Fried fkn hates me 😅), whether or not Joe Biden will pardon SBF & more! pic.twitter.com/1SNg2Gbze4
— Tiffany Fong (@TiffanyFong_) May 3, 2024
According to the expert, the convicted entrepreneur will not be released on parole under any circumstances. Despite this, there is a chance Bankman-Fried will leave prison early, as the U.S. Federal Bureau of Prisons has the right to award the FTX founder good behavior status, thus being released earlier than the date specified in the sentence. To do this, the convicted person must avoid disciplinary sanctions and demonstrate good behavior.
However, the reward will not significantly shorten Bankman-Fried’s prison time, as D’Angelo noted that inmates like Bankman-Fried serve 85% of their sentences in most cases. Per this precedent, the former head of FTX will likely spend at least 21 years in prison.
In addition, the crypto lawyer ruled out the possibility of Bankman-Fried being pardoned by President Joe Biden.
Taking into account the sentence, the entrepreneur accused of multibillion-dollar fraud will have the time spent in custody awaiting his sentence counted as time served.
There are various options for the prison to which Bankman-Fried could be sent. The authorities will determine the specific penitentiary facility based on the characteristics of his case, his psychological state, and other factors, D’Angelo concluded.
Sam Bankman-Fried received 25 years in prison in late March on seven charges relating to fraud, financial fraud, embezzlement, conspiracy, and money laundering.
