FTX founder Sam Bankman-Fried will likely serve most of his 25-year prison sentence, as stated by crypto lawyer Carlo D’Angelo in a recent interview with journalist Tiffany Fong. D’Angelo clarified that while Bankman-Fried does not qualify for parole, he may still earn an early release for good behavior. The U.S. Federal Bureau of Prisons allows such adjustments, but only if the inmate consistently demonstrates good conduct without any disciplinary issues.
Impact of Good Behavior on Sentence Reduction
Despite the possibility of an early release due to good behavior, D’Angelo emphasized that inmates similar to Bankman-Fried typically serve about 85% of their sentence. This means that even with good behavior, the FTX head would spend at least 21 years behind bars. Additionally, the time Bankman-Fried has already spent in custody while waiting for his trial will count towards his sentence.
The decision on where Bankman-Fried will serve his sentence will depend on several factors, including the nature of his offenses and his psychological profile. These considerations help ensure that the assigned facility is suitable for his specific needs and security requirements.
Long-term Consequences and Legal Options
D’Angelo also noted that the chances of Bankman-Fried receiving a presidential pardon are highly unlikely. Thus, the convicted entrepreneur must prepare to face the substantial consequences of his actions involving fraud, embezzlement, and money laundering, which led to a multimillion-dollar scandal and significant disruptions in the cryptocurrency market.
The stringent measures reflect the serious nature of his crimes and the impact they had on investors and the financial market.