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FTX Founder Sam Bankman-Fried Faces Lengthy Prison Term, Says Crypto Lawyer

According to a recent interview with crypto lawyer Carlo D’Angelo, FTX founder Sam Bankman-Fried is set to serve a substantial prison sentence without the possibility of parole.

In conversation with journalist Tiffany Fong, D’Angelo asserted that Bankman-Fried does not qualify for parole, indicating that he will serve the full duration of his sentence. While there is a slim chance for early release based on good behavior, D’Angelo noted that such allowances typically only marginally reduce the overall prison term. In most cases, inmates like Bankman-Fried serve approximately 85% of their sentences, implying a minimum of 21 years behind bars.

The crypto lawyer also dismissed any hopes of presidential pardon, ruling out the possibility of intervention from President Joe Biden. Bankman-Fried, who faced multiple charges including fraud, financial fraud, embezzlement, conspiracy, and money laundering, was sentenced to 25 years in prison in late March.

Regarding the specifics of Bankman-Fried’s incarceration, D’Angelo explained that the authorities would consider various factors such as the nature of the case and the individual’s psychological state in determining the appropriate prison facility. Despite the uncertainties surrounding Bankman-Fried’s future, one certainty remains: he will have the time spent in pre-trial custody credited towards his overall sentence.

The case surrounding Bankman-Fried’s conviction has sent shockwaves through the cryptocurrency community, highlighting the potential legal repercussions faced by prominent figures in the industry. As Bankman-Fried awaits his fate, the broader implications of his conviction reverberate, underscoring the importance of legal compliance and ethical conduct in the burgeoning crypto sector.

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