According to a Bloomberg report, the parents of Sam Bankman-Fried—Joseph Bankman and Barbara Fried—are actively pursuing a presidential pardon from Donald Trump for their son, who is currently incarcerated. Both of them, seasoned professors at Stanford Law School, have deep ties to the cryptocurrency exchange FTX and have reportedly reached out to key figures within Trump’s inner circle.
Intensified Efforts for Clemency
In recent weeks, the couple has intensified their efforts to explore potential clemency options for Bankman-Fried, who was sentenced to 25 years in prison after being convicted on multiple fraud charges. While it’s unclear if they’ve initiated any direct conversations with the Biden administration, their strategy seems focused on garnering support from Trump’s camp.
A Lack of Public Support
Their appeal for a pardon is reminiscent of Trump’s past decisions to grant clemency to individuals who have garnered substantial public support, such as Ross Ulbricht, the Silk Road founder. However, unlike Ulbricht’s case, Bankman-Fried does not have a robust base of public backing. While he argues that his sentence is excessive—especially considering that many former FTX customers have been able to reclaim their investments—he lacks the widespread advocacy that often influences clemency decisions.
The Downfall of FTX
Bankman-Fried was once a prominent figure in the cryptocurrency world as the leader of FTX, which ranked as the third-largest exchange globally. The company’s downfall in November 2022 was triggered by a report from CoinDesk that raised alarms about Alameda Research, FTX’s trading partner. Subsequent investigations uncovered a scheme of wrongdoing where Alameda misused internal coding to siphon billions from customer accounts—a plan that Bankman-Fried reportedly helped orchestrate alongside other founding members.
In the end, Bankman-Fried was handed a severe sentence, not only for fraud and conspiracy but also for money laundering. He faces a staggering forfeiture of $11 billion, leaving him to confront the consequences of his actions as his parents seek a way to bring him back into the fold.
Source: Coindesk
