Heather Ferguson’s son lost about $130,000 in cash when cryptocurrency exchange FTX went bankrupt in November 2022. At the time, Ferguson went to where the child was living and spent four days comforting him. But since hitting rock bottom, Ferguson has shown “resiliency,” “confidence” and “a determination to meet life’s challenges head-on with renewed focus and vigor,” U.S. District Judge Lewis said Tuesday.・In a memo to Mr. Kaplan, Mr. Ferguson wrote:
Relief came in January when her son was contacted by the organization that oversees the disbursement of FTX customer funds and told he would be refunded all amounts owed.
“I write this letter to express my hope that Sam Bankman Freed be sentenced in the range of 70 months for his role in the collapse of FTX,” Ferguson wrote in a letter to the judge. I am writing,” he wrote. “It seems to me that the expectation that some action will result in the refund of the client’s funds diminishes the gravity of Sam’s offence, and the length of his sentence should reflect this fact.”
Mr. Ferguson’s letter is part of an 11th-hour effort by the defense to appeal to Mr. Kaplan’s sense of leniency as the judge prepares for Mr. Bankman Freed’s sentencing hearing on Thursday. .
In November, a 12-person jury found the former crypto executive guilty of all seven criminal counts against him, including wire fraud and conspiracy to commit wire fraud against FTX customers and Alameda Research lenders. did. Conspiracy to commit securities fraud and conspiracy to commit commodity fraud against FTX investors. and conspiracy to commit money laundering.
We are truly convinced that the jury was able to reach a unanimous verdict in just a few hours that the former CEO of FTX stole $8 billion from the failed cryptocurrency exchange’s customers. That suggests there was no resistance that needed to be appeased, Iesha said. Yadav, a law professor and associate dean at Vanderbilt University, previously told CNBC.
On Tuesday, the defense filed three letters in support of Bankman Fried, while prosecutors filed more than 50 letters of their own, bringing the total number of victim impact statements to 117.
The question of whether FTX customers made whole by bankruptcy should influence court decisions regarding sentencing is a key issue.
Earlier this month, federal prosecutors in Manhattan wrote in a memo to the court that Bankman Fried should spend 40 to 50 years in prison.
“Mr. Bankman Fried still refuses to admit that his actions were wrong,” the government wrote.
Despite the bankruptcy estate’s promise to fully repay customers, many of FTX’s thousands of victims (reportedly up to 1 million) have lost their crypto stocks to the exchange’s new It claims to have been significantly undervalued by management.
parents call out
Ferguson was one of three concerned parents who wrote to Kaplan suggesting that Bankman-Freed’s emotional and behavioral disorders be considered as part of sentencing deliberations.
“In the context of mitigating factors, some mention should also be made of Sam’s ASD and the unpleasant emotions caused by his ADHD and medications,” Ferguson wrote. “While these are factors related to his background and likely caused him to display poor judgment, they are unlikely to have been correlated with malicious intent toward his customers. low.”
George Lerner, Bankman Fried’s psychiatrist, said in a letter to Judge Lewis Kaplan in August that the former FTX CEO has a history of depression and attention-deficit hyperactivity disorder. . ADHD is one of the most common neurodevelopmental disorders in children.
“Furthermore, there were times when Mr. Bankman-Freed was unable to access the M-Sam patch (usually when traveling or abroad) and exhibited symptoms of depression, including lethargy, anhedonia, decreased motivation, and increased rumination. “There was also,” Lerner wrote.
Lerner warned the judge that without taking the medication, “Mr. Bankman-Fried’s symptoms of depression and ADHD will return and his ability to defend himself will be materially adversely affected.”
Maria Centerella, the mother of a 34-year-old son with Asperger syndrome, also wrote to Judge Kaplan to share her experience raising a child on the autism spectrum.
“While I have no opinion on Sam’s guilt or innocence under the law, I would like to share my experience with my son. I hope it gives you a little perspective on Sam’s behavior and mental state leading up to and during the trial. I hope this is an opportunity for you,” Centrella wrote. She said she wasn’t familiar with Bankman-Freed’s story until she saw an interview with Michael Lewis on “60 Minutes.” In the interview, Michael Lewis shared an anecdote about his time shadowing Bankman Freed as part of reporting for a book about Bankman Freed’s life.
“While he was describing Sam, I looked at my son and kept wondering why Asperger’s Syndrome wasn’t featured in this segment. Because those of us familiar with Asperger’s Syndrome know that his behavior , attitude, and intelligence are big indicators of his character “on the spectrum,” Centerra wrote.
She further said that she had contacted Ms Bankman-Freed’s father, Joe, who confirmed that Sam had indeed been diagnosed with autism spectrum disorder and that the court was aware of this.
“I don’t know how much you know about Asperger’s syndrome, especially those who work outside the home and support themselves, but I can tell you from experience that people with Asperger’s syndrome work differently mentally. I’ve never met Sam, but I strongly believe that he may be an MIT graduate, but he didn’t fully understand what was going on and had no malicious intent.” she wrote.
Matt Kelly, who also has a son with autism and has worked as a special needs teacher in the UK, said he wanted to share personal and professional observations that “may be helpful in determining sentencing.” I wrote a paragraph letter.
“Many of Sam’s personality traits suggest some sort of atypical neurological process, such as a tendency to avoid eye contact, a habit of not being able to concentrate on one thing at a time, or such as a lack of emotional response to the situation. Will display outward signs of tension and distress,” Kelly wrote.
“He also witnessed former partners and their associates testify against him in court.
Mr Kelly added: “He is an unusual person and this may have been confusing and upsetting. I hope that Sam’s unusual expressions will be taken into account in the sentencing so there will be no retaliation.” “This will be done according to the degree of negligence, and I hope that consideration will be taken into account.” What type of facility would be most appropriate for someone like Sam? ”
My roommate at MIT: He did the communal laundry “on time.”
Two of Bankman-Fried’s former friends and roommates at the Massachusetts Institute of Technology also submitted character references on Bankman-Fried’s behalf.
Daniel Grazian, who graduated in 2013, said he had known Bankman Fried “very well” for three years.
“Sam was a sweet friend and a wonderful person to be around,” Grazian wrote in a letter to the court.
Additionally, Bankman-Fried said he “had deep feelings for all living things, including farm animals,” and his description of him as “motivated by greed” is similar to the Sam he knew. It is contradictory.”
“I believe that if Sam is given a lenient sentence, he will be an asset to society. If the fact that I still limit my meat intake from an ethical point of view… If it’s any indication, Sam will continue to urge others to be a little kinder and gentler,” Grazian’s letter concludes.
Adam Hesterberg, another classmate in the 2018 Ph.D. class, knew Bankman-Fried before he enrolled at MIT, starting at a 2007 math camp.
“When I knew him, Sam was responsible, fun to be around, and concerned about doing good in the world,” Hesterberg wrote in a letter to the judge. There is.
One example he gave was Bankman Freed’s role in carrying out household chores.
“Sam did a fair amount of housework, such as washing the pots and dishes for our meals and doing laundry in the kitchen. He was always on time and very good. The only time I saw Sam late was when he was in line for the washing machine, and the laundry in the kitchen was late,” the letter said.
Mr. Hesterberg went on to recount other examples of Mr. Bankman-Fried’s good character, including wanting to “alleviate the suffering of farm animals” and encouraging his classmates to do philanthropic work such as the Anti-Malaria Foundation. This included encouraging people to donate to.
“I don’t know how much Sam’s character as he was 10 years ago will affect Sam’s sentencing, but whatever the extent, my impressions of Sam are almost uniformly positive and his sentencing is… It provides a basis for generosity,” Hesterberg concluded.