BeInCrypto previously reported that former FTX founder Sam Bankman-Fried has attracted significant attention due to the possibility of an early release from prison.
Tweets from figures like Musk suggest that this possibility is quite high.
So, what are the chances that the FTX founder could leave prison less than a year after being convicted?
In 2020, at the peak of FTX, Sam Bankman-Fried donated $5.2 million to a pro-Biden super PAC. He was the second-largest individual donor to the Democratic Party, behind only Michael Bloomberg.
Historically, political donors and their affiliates have a significant advantage when it comes to convictions and pardons.
Take Marc Rich, for example; this "notorious" oil trader evaded at least $50 million in taxes as early as 2021. However, Rich was granted a pardon on the last day of Clinton's presidency.
The controversy surrounding the pardon arose because Rich's ex-wife, Denise, was a major donor to the Democratic Party. She made substantial contributions to Clinton's presidential library and the Democratic National Committee.
Similarly, Paul Pogue is another convicted tax fraudster who was pardoned by Trump in 2020.
Reports indicate that this was because Pogue's family donated over $200,000 to Trump's campaign.
Prediction market platform Kalshi posted on X, stating: “Sam Bankman-Fried used millions of stolen customer funds to finance political activities.”
“SBF donated almost all of his funds to the Democratic Party (98%), making him the second-largest donor to the Democrats, and now the likelihood of Biden pardoning him is 12%.”
Given the historical cases where political donors are more likely to receive leniency, it is not surprising that there is controversy over the possibility of Sam Bankman-Fried being pardoned by Biden.
Additionally, Biden pardoned Michael Conahan last week.
Conahan was sentenced to 17 years in prison for a scandal involving “exchanging children for money.” He accepted bribes from a private juvenile detention center, often sending children to these centers for minor offenses.
This serves as a specific example that Biden may not shy away from pardoning serious offenders.
One of the most controversial points in Bankman-Fried's trial was the government's omission of charges related to campaign financing.
Initially, Bankman-Fried faced eight criminal charges, including conspiracy to defraud the United States and violations of campaign finance laws.
However, the campaign finance charge was dropped in July 2023.
The charge was dismissed initially due to a treaty obligation with the Bahamas. Essentially, the Bahamian government did not approve of including this specific charge in the extradition request.
However, prosecutors claimed they would pursue a separate trial for these charges.
The purpose of the second trial was to address the dismissed campaign finance charges, along with some charges related to bribery and operating an unlicensed remittance business.
However, in December 2023, prosecutors announced they would not proceed with the second trial, as the evidence for the second trial would largely repeat what had already been presented in the first trial.
Earlier this year, Sam Bankman-Fried was sentenced to 25 years in prison for multiple counts of wire fraud and other charges.
However, given the scale and impact of his crimes, many believe the sentence was too lenient.
The collapse of FTX resulted in over $16 billion in losses for customers and creditors, and the crypto asset winter caused the market to lose over $100 billion. Therefore, as one of the largest financial scandals in U.S. history, many consider this sentencing to be lenient.
Prominent attorney Richard W. Painter wrote: “Sam Bankman-Fried and his associates hope to receive pardons or reduced sentences in exchange for the campaign donations they stole from FTX investors. Any president who agrees to do so should be impeached for bribery.”
Prosecutors initially sought a 50-year sentence, arguing that Sam Bankman-Fried's crimes were “historic” in scope and severity.
Prosecutors emphasized the significant economic losses suffered by FTX customers and the diminished public trust in the crypto asset market.
Additionally, Caroline Ellison, who actively collected customer funds from FTX and Bankman-Fried, was sentenced to only 2 years in prison due to her cooperation with prosecutors.
Most surprisingly, Gary Wang, the coder who provided Alameda with unlimited credit, completely avoided prison time.
Given these facts, and critics' claims that the sentencing was too lenient, the crypto asset industry clearly anticipates that Sam Bankman-Fried may receive leniency.
However, it is important to note that the connection between donations and pardons is not always consistent.
Presidents may grant pardons for other reasons, and it is difficult to definitively prove that donations are the sole or primary motivating factor.
But it is certain that, due to cases of wealthy individuals escaping legal troubles through political donations, there will inevitably be moral concerns.
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