The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/heres-why-john-deaton-feels-sam-bankman-fried-has-guaranteed-a-prison-sentence/">Here’s Why John Deaton Feels Sam Bankman-Fried Has ‘Guaranteed a Prison Sentence’</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Sam Bankman-Fried, the former head of the crypto exchange FTX, has been found guilty of securities fraud and six other criminal charges by a New York jury. This verdict represents a significant downfall for the once highly-regarded figure in the finance world. Bankman-Fried could now face a lengthy prison sentence, with the possibility of spending decades behind bars. The jury reached their decision after only five hours of deliberation.
Commenting on the case, <a href="https://twitter.com/JohnEDeaton1/status/1720439795803906512" rel="noopener noreferrer nofollow">XRP lawyer John Deaton s</a>uggested that the government had turned three significant witnesses by offering them shorter prison terms. In Sam’s case, the prosecutor did not extend a plea deal, leaving him with three choices.
Deaton suggested that the third option might have been the best course of action, as Bankman-Fried likely knows how he circumvented rules and may be aware of politicians who were complicit in these violations.
However, by choosing the second option, he essentially ensured a prison sentence at least twice as long as he could have received with the first option.
The three options, according to Deaton, were:&nbsp;
<ol>
 <li>Plead guilty, admit to all charges, and rely on the court’s mercy.</li>
 <li>Plead not guilty, testify, and hope to convince at least one juror to vote not guilty, resulting in a hung jury, and then negotiate a deal.</li>
 <li>Approach the Department of Justice (DOJ), plead guilty, and offer to cooperate by revealing campaign finance violations involving politicians he donated to, potentially receiving a lighter prison term.</li>
</ol>
<blockquote class="wp-block-quote">
 He wrote on X, “But Sam knows how he circumvented the rules and I bet he knows some names of politicians who knew he was breaking the rules. You don’t get the type of access this guy got without greasing some palms.”
</blockquote>
Over a four-week trial, prosecutors tried to show that Bankman-Fried was behind a major financial fraud. They explained in a crowded courtroom how he and his top team moved billions of dollars from FTX customers to Alameda Research, a company he also ran.

Here’s Why John Deaton Feels Sam Bankman-Fried Has ‘Guaranteed a Prison Sentence’

CoinPedia News

Other articles published on Nov 4, 2023

VET Token Grew 7.17% Intraday; Crypto Market Cap Rose 1.88%

Bitcoin Price Plunge To $12,000 Is Not Foreseeable – Analyst Explains Why

Menakar Peluang BTC Ambrol ke US$20 Ribu Lagi

XAI 175% Surge: Elon Musk Reaffirms ‘My Co Will Never Create Crypto’

XRP Lawsuit: Legal Expert Says $20M Settlement is 99.9% Win for Ripple

Shibarium Eyes New Milestone of 4 Million Transactions

Join our free newsletter for daily crypto updates!