The parents of FTX founder Sam Bankman-Fried are exploring avenues to secure a presidential pardon for their son from President Donald Trump.
Bankman-Fried was sentenced to 25 years in prison last year after being convicted of fraud.
A Pardon For Sam Bankman-Fried
The parents of FTX founder Sam Bankman-Fried are reportedly seeking a presidential pardon for him from President Donald Trump. Stanford Law School professors Joseph Bankman and Barbara Fried have held discussions with lawyers and individuals close to Trump and his inner circle in recent weeks. However, it is unclear if they have made contact with the White House in their efforts so far.
“JUST IN: Sam Bankman-Fried’s parents explore seeking a pardon from President Trump for their son, Bloomberg reports.”
Bankman-Fried’s lawyers have already filed an appeal against his 2023 conviction related to the collapse of FTX. The FTX collapse is one of the biggest in the history of the crypto space. Bankman-Fried was convicted by a jury on seven counts of fraud. The charges include stealing customer assets while running FTX and deceiving the exchange’s creditors and investors. Bankman-Fried and the collapse of FTX led to the loss of $8 billion in customer assets.
Trump And Pardons
Donald Trump has used the presidential pardon on several notable figures from crypto. The most notable pardon was that of Ross Ulbricht, the founder of the Silk Road marketplace. The frequent use of the presidential pardon has led to a surge in requests from high-profile white-collar criminals. However, while Ulbricht enjoyed widespread support, there was little or no support for Bankman-Fried. The FTX founder has maintained his innocence and argued the 25-year sentence is harsh since many FTX customers have recovered their funds. Sam Bankman-Fried is serving his sentence at the Metropolitan Detention Center in Brooklyn, New York. His parents have not commented on the reports yet.
Jeffrey Grant, a legal advisor for white-collar defendants highlighted the surge in pardon-related enquiries, stating,
“We have been hearing from people in prison, from people recently sentenced who haven’t yet reported to the Bureau of Prisons, from people who have just been indicted. They are looking for somebody who knows somebody.”
Another former FTX executive, Ryan Salame, has also expressed interest in a presidential pardon. Salame is serving a seven-year sentence. Sam Mangel, a white-collar prison consultant who has worked on clemency requests for Peter Navarro and Steve Bannon, has also reported a rise in clemency cases.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
