Joseph Bankman

The parents of Sam Bankman-Fried, the disgraced co-founder of the FTX crypto exchange, are reportedly seeking a presidential pardon for their son, who was sentenced to 25 years in prison for fraud. Key Takeaways:- Sam Bankman-Fried’s parents are exploring a potential pardon for their son.- Bankman-Fried was sentenced in March 2024 and ordered to pay $11 billion in restitution. According to Bloomberg, Stanford Law School professors Joseph Bankman and Barbara Fried have held meetings with lawyers and figures within President Donald Trump’s network in recent weeks, exploring options for clemency. It remains unclear whether the White House has been directly approached. Sam Bankman-Fried, 32, was convicted in March 2024 for orchestrating a multi-billion-dollar scheme that involved misappropriating funds from FTX customers to cover losses at its sister company, Alameda Research. His actions led to the dramatic collapse of FTX in late 2022 following revelations about shady financial practices that triggered a mass withdrawal attempt by customers. The company’s bankruptcy sent shockwaves through the crypto world. Despite the severity of his sentence, which also includes a $11 billion restitution order, Bankman-Fried has maintained his innocence, calling the punishment “draconian.” He argued that most FTX clients have been reimbursed and claimed he was a victim of market downturns. Alongside Bankman-Fried, former FTX executive Ryan Salame, who was convicted of campaign finance law violations, is also seeking clemency. With Trump’s history of cryptocurrency support, the possibility of a pardon remains uncertain. Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.