- Sam Bankman-Fried’s parents have engaged with individuals connected to President Trump’s circle to discuss clemency for their son
- Joseph Bankman and Barbara Fried have met with lawyers and Trump allies to explore the possibility of a presidential pardon
- Sam Bankman-Fried was convicted of fraud and conspiracy charges related to the collapse of FTX and is currently serving a 25-year prison sentence
In recent weeks, Joseph Bankman and Barbara Fried, both Stanford Law School professors, have sought avenues to secure a presidential pardon for their son, Sam Bankman-Fried. According to Bloomberg, the pair have reportedly met with legal experts and individuals within President Trump’s circle to discuss potential clemency options. Their efforts come in the wake of their son’s conviction on multiple fraud and conspiracy charges, resulting in a 25-year prison sentence.
25 to Zero?
Sam Bankman-Fried, the co-founder of the cryptocurrency exchange FTX, was found guilty in November 2023 of misappropriating over $8 billion from customers after prosecutors successfully demonstrated that he diverted funds from FTX to cover debts at his hedge fund, Alameda Research, and to finance personal expenditures, including real estate acquisitions.
This fraudulent activity led to the collapse of FTX, leaving thousands of investors unable to access their funds. In March 2024, he was sentenced to 25 years in prison. Other high-ranking FTX and Alameda Research employees have also received prison sentences for their roles in fraudulently running the exchange.
Pardon is Bankman-Fried’s Only Hope of a Timely Escape
Having seen President Donald Trump pardon Silk Road founder Ross Ulbricht, Joseph Bankman and Barbara Fried have been proactive in seeking clemency for their son. They have engaged with lawyers and individuals connected to President Trump’s inner circle to explore the possibility of a presidential pardon, but it remains unclear whether they have directly approached the White House regarding this matter.
Bankman and Fried have been encouraged by the clemency shown to Ulbricht, who was serving a double life sentence, which has encouraged other white-collar convicts to seek presidential pardons. Bankman-Fried’s legal team has argued that the sentence is excessively harsh, especially considering that many FTX customers have reportedly recovered a significant portion of their lost funds.
However, Ulbricht has been supported en masse ever since his incarceration in 2015, whereas Bankman-Fried has faced and continues to face substantial public criticism due to the magnitude of his fraudulent activities. This lack of public support may prove telling in any decision by the White House.