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The parents of the disgraced FTX co-founder Sam Bankman-Fried are looking into options to obtain a pardon for their son from former US President Donald Trump, according to a Bloomberg report.<\/p>\n
Stanford Law School professors Joseph Bankman and Barbara Fried have reportedly held discussions in recent weeks with attorneys and individuals linked to Trump\u2019s circle regarding potential clemency for their 32-year-old son, who was sentenced to 25 years for fraud in 2024. It remains uncertain whether they have directly contacted the White House.<\/p>\n
Following the collapse of FTX, a number of its former executives have benefited from sentence reductions in exchange for their cooperation with investigators. For instance, Caroline Ellison, who once led Alameda Research, was granted<\/a> a reduced sentence for cooperating with prosecutors investigating FTX\u2019s collapse. Sentenced to two years and beginning her prison term in September 2023, she secured an early release by three months.<\/p>\n Former FTX executive Ryan Salame also received<\/a> a sentence reduction \u2013 his original 7.5-year term was shortened by a year, with his expected release now set for March 1, 2031, under the First Step Act, which incentivizes good behavior.<\/p>\n Additionally, FTX\u2019s ex-technology chief, Gary Wang<\/a>, and former engineering chief Nishad Singh<\/a> similarly benefited from a reduced sentence after assisting authorities and managed to dodge prison. Both were sentenced to time served and three years of supervised release.<\/p>\n The same cannot be said for Bankman-Fried, who was sentenced<\/a> to 25 years in prison on March 28, 2024.<\/p>\n The latest efforts<\/a> to secure Bankman-Fried\u2019s release follow a trend of seeking clemency for prominent figures behind bars. A notable example is Ross Ulbricht, the creator of the Silk Road darknet marketplace, who was granted a pardon by Trump on January 21st after his supporters campaigned for years.<\/p>\n However, Bankman-Fried may not receive the same level of backing as Ulbricht.<\/p>\n Speculation about a possible pardon for Bankman-Fried surged in December, largely due to discussions about his Democratic Party connections. Tesla chief Elon Musk further fueled rumors by stating he would be \u201cshocked\u201d if a pardon weren\u2019t granted. Despite this, prominent politicians, including former President Joe Biden, have not expressed support for clemency.<\/p>\n FTX\u2019s court-approved<\/a> reorganization plan, which took effect<\/a> on January 3, will return up to 119% of creditor claims. Under this plan, an initial group called \u201cconvenience classes\u201d \u2013 which includes users with claims of $50,000 or less \u2013 will be the first to receive payments.<\/p>\nFTX Reorganization Plan<\/h2>\n
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