Parents of Sam Bankman-Fried Seek Presidential Pardon
The parents of imprisoned crypto fraudster Sam Bankman-Fried are reportedly in discussions about how to secure a presidential pardon from former President Donald Trump for their son. This information comes from a recent Bloomberg report, indicating that Joseph Bankman and Barbara Fried, both professors at Stanford Law School and closely linked to the inner workings of FTX, are actively engaging with individuals associated with Trump’s inner circle.
In the past few weeks, Bankman-Fried’s parents have reportedly attempted to reach out to the Trump administration to explore the possibility of clemency for their 32-year-old son, who is currently serving a 25-year prison sentence after being convicted of multiple counts of fraud. While it remains unclear whether they have had direct communication with the White House, the notion of a pardon is being entertained, according to Bloomberg.
The appeal for a pardon appears to be influenced by Trump’s recent use of his clemency powers to grant freedom to individuals who have garnered significant public support, such as Silk Road founder Ross Ulbricht. However, in contrast to Ulbricht, Bankman-Fried does not enjoy widespread backing from the public. He contends that his sentence is disproportionately severe, particularly given that many FTX customers have managed to recover their financial losses.
FTX, once hailed as the world’s third-largest cryptocurrency exchange, collapsed in November 2022 after a report by CoinDesk raised concerns about the financial stability of Alameda Research, its affiliated trading firm. Investigations revealed that Alameda had exploited backdoor code to siphon billions in customer funds from FTX, a scheme orchestrated by Bankman-Fried along with other founding members of Alameda.
As a result of his actions, the once-prominent figure in the cryptocurrency realm has now been sentenced to 25 years in prison and has been ordered to forfeit a staggering $11 billion, following his conviction on seven counts, including fraud, conspiracy, and money laundering.
