Sam Bankman-Fried to serve 20-year prison sentence without parole 

FTX founder Sam Bankman-Fried will serve his entire sentence in prison, according to a crypto lawyer.

Crypto lawyer Carlo D’Angelo said in an interview with journalist Tiffany Fong that Sam Bankman-Fried is not eligible for parole.

Chatting with a criminal defense lawyer @DeFiDefenseLaw About the fate of SBF’s accomplices Caroline Ellison, Gary Wang and Nishad Singh, SBF’s parents (Barbara Fried fkn hates me 😅), whether Joe Biden will pardon SBF and more! pic.twitter.com/1SNg2Gbze4

— Tiffany Fong (@TiffanyFong_) May 3, 2024

According to the expert, the convicted entrepreneur will not be released on parole under any circumstances. Despite this, there is a possibility that Bankman-Fried will leave prison early, as the US Federal Bureau of Prisons has the right to grant good behavior status to the FTX founder, and therefore he will be released earlier than the date specified in the sentence. For this, the convicted person must avoid disciplinary sanctions and demonstrate good behavior.

However, the award would not significantly shorten Bankman-Fried’s prison time, as D’Angelo noted that inmates like Bankman-Fried serve 85% of their sentences in most cases. Under this precedent, FTX’s former chairman will likely spend at least 21 years in prison.

The crypto lawyer also ruled out the possibility of Bankman-Fried being pardoned by President Joe Biden.

When the sentence is taken into account, the time spent in custody by the entrepreneur accused of billions of dollars of fraud while awaiting his sentence will be counted as time served.

There are several options for the prison Bankman-Fried could be sent to. D’Angelo concluded that authorities will determine the specific prison facility based on the characteristics of the case, its psychological state and other factors.

Sam Bankman-Fried was sentenced to 25 years in prison in late March on seven charges related to fraud, financial fraud, embezzlement, conspiracy and money laundering.