Sam Bankman-Fried, the founder of FTX, has been found guilty on all seven counts in his fraud trial. According to experts, it is likely that his top allies, Caroline Ellison, Gary Wang, and Nishad Singh, will also be sentenced. However, they will likely get little or no prison time.
Criminal defense lawyers and financial brokers interviewed by Bloomberg suggest that the trio might serve their sentence at a minimum security camp holding only non-violent offenders.
Chris Rice, a partner with Riviera Partners, an executive recruiting firm, said the trial will damage the trio’s reputation no matter what the outcome will be:
“I don’t think that they’re going to be able to operate at the same level within an organization as they had in the past.”
According to Bloomberg, the three individuals who were found guilty of fraud charges may face other forms of punishment if they are not jailed. One of the alternatives being considered is capital punishment, as the group made millions of dollars from fraud.
Additionally, they may also be required to pay restitution to their victims. All three have already pleaded guilty to the charges and agreed to cooperate with the U.S. government.
Sam Bankman-Fried will likely get 20 years in prison as the prosecution has presented a strong case against him. In an exclusive interview with crypto.news, David Lesperance, managing director at Lesperance & Associates and a lawyer with over three decades of experience in finance, said that Bankman-Fried’s decision to testify reflects his risk-taking personality, adding that this strategy seems to have backfired.
Sam Bankman-Fried’s sentencing is set for Mar. 28, 2024.