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Sam Bankman-Fried “is not expected to get a positive deal from the prosecutors”

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Mark Kasten, an attorney in Buchanan Ingersoll & Rooney’s blockchain and crypto-assets practice group, said Sam Benman-Fried (SBF) is unlikely to get a favorable deal from prosecutors. Talking to CoinTelegraph. To get credit for cooperation, SBF would have to help prosecute other bad actors, but it is unlikely to be able to do so and therefore unlikely to receive favorable terms.

SBF is currently on bail in the United States, where he is staying with his parents. He is charged with conspiracy to defraud customers and lenders, securities fraud, commodity fraud, money laundering and conspiracy to violate campaign finance laws. If convicted, SBF faces up to 115 years in prison.

Since the collapse of the FTX, SBF has given several public interviews in which it fully admits to the mismanagement of the funds that customers deposited with it but maintains that it did not intentionally commit fraud. According to Jim Cramer of CNBC’s Mad Money, SBF’s lawyers apparently wanted their defendant to shut up and admit nothing. Now that he’s done those interviews, Kramer, who has a background in law, said the justice system won’t care if SBF is a “nice guy” and might run into him.

Customers with FTX are now waiting for some process to unfold where they can apply to get some of their money back through the bankruptcy process. It is not clear how much they will be able to save in light of the huge mess that SBF left in its wake. There probably is several billion dollars shortfalls in the value of customer assets.

source: CoinTelegraph

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