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In the context of FTX founder Sam Bankman-Fried’s conviction on felony prices, XRP lawyer John Deaton raised the facet of involvement of the FTX founder’s father within the misdoings that led to the collapse of the crypto alternate in November 2022. On Thursday, November 2, 2023, a jury found Bankman-Fried responsible of prices together with wire fraud, conspiracy to commit fraud and conspiracy to commit cash laundering on a number of counts.

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How Big A Sentence Will SBF Get?

Taking into consideration punishment on all of the seven felony prices, the utmost sentence provides as much as over 100 years. This got here after a trial involving the FTX founder’s shut associates testifying towards him earlier than the jury over the past one month. Further to this, the decide has scheduled sentencing proceedings for March 28, 2024. Attorney John Deaton predicted that the FTX founder would get a sentence of over 60 years.

Meanwhile, Bankman-Fried’s attorneys stated the jury verdict can be contested, saying the FTX founder “will continue to vigorously fight the charges against him.”

Role Of Joseph Bankman

Attorney Deaton indicated it’s common data that Joseph Bankman, the FTX founder’s father, can be responsible of fraud allegations. When requested concerning the involvement of his dad and mom within the case, Deaton recalled the e-mail findings of Joseph Bankman looking for increased wage from his son.

“We all know his Dad is also complicit. He didn’t structure those holding companies by himself. His dad didn’t demand a higher salary for nothing.”

In September 2023, FTX, beneath the present chief government officer John J. Ray III, has filed a lawsuit towards Sam Bankman-Fried’s dad and mom Joseph Bankman and Barbara Fried over tens of millions of {dollars} in fraud transfers and misappropriated funds. In truth, Bankman-Fried was beforehand accused of utilizing the identical cash to pay for his authorized prices.

Interestingly, the lawsuit submitting revealed a January 2022 electronic mail from Joseph Bankman to Sam Bankman-Fried that stated he was not proud of the $200,000 annual wage he acquired, and that it was solely 20% of what he believes needs to be getting.

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Anvesh reviews main crypto updates round U.S. regulation and market transferring traits. Published over 1,200 articles to this point on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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