“His life in prison will be wasted.”

Sam “SBF” Bankman-Fried's lawyers, as the federal judge prepared to decide the sentence, included 29 letters of mercy to the former CEO of FTX, including recommendations from his immediate family.

On Feb. 27 in the United States District Court for the Southern District of New York, SBF attorneys attached a letter from Barbara Fried, Joseph Bankman and Gabrielle Banman-Fried—the former CEO's mother, father and brother. Perhaps prophetically, the trio delved into the 31-year-old's childhood, personality and role in FTX and asked for a lighter sentence for Bankman-Fried on seven felony charges.

“Sam is wrong, but his life will be wasted in prison,” says Gabriel. “He has great gifts to offer the world.”

Unlike a trial, where aspects of a defendant's behavior cannot always be presented as evidence, sentencing opens the door to a variety of personal appeals from friends and family members. On March 28, Judge Louis Kaplan will decide how long Banman-Fried will be in prison when the former CEO returns to court for the last time.

Some experts suggested a possible sentence of 15 to 25 years, the judge handed down in November 2023 for Bankman-Fried, who was convicted of wire fraud, securities fraud, commodities fraud and money laundering. Imprisonment for 110 years is unthinkable unless this is an unusual situation.

Bankman-Fried's father has warned against “severe punishment”, saying prison could pose “extreme physical danger” to his son, who has trouble responding to social cues. Joseph Bankman's sentencing includes questions that his son prioritized raising full investors before his arrest.

“He did what he thought was best for the company,” Bankman said.

Barbara Freed's letter of support was the longest in her immediate family, including what she called his “interest in helping others” from his childhood to his time in prison, tutoring inmates for their GED exams. His mother asked Judge Kaplan to consider Banman-Fried's poor response to social cues, saying he has been “wracked with remorse” since the FTX crash in November 2022:

“Decades in prison will destroy Sam like a hangman.”

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The three letters appear to have downplayed the role of FTX's failure by investors and Banman-Fried in the fraud. Many have reacted negatively to the family's claims and other letters of support on social media.

“[T]People writing letters for leniency in SBF sentencing, look at what Billy McFarland of Fyre Festival is doing now and how much he has reformed while in prison,” said X user Kyle Gibson. It is somewhere between “not very” and “zero”. I filled[y] Wait for SBF to go back to what he was doing if it came out today.

Bankuman-Fried's lawyers asked Judge Kaplan to consider a sentence of 63-78 months, and prosecutors are expected to present their recommendations on March 15. The former FTX CEO will celebrate his 32nd birthday in prison on March 6 – his first since his incarceration. In August 2023, the warranty was voided.

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