Sam Bankman-Fried faces over 100 years in prison at sentencing. Experts weigh in on how much time he’ll actually get
A jury of twelve found FTX founder Sam Bankman-Fried guilty of all seven criminal charges brought against him. The question of how long he’ll remain in prison, however, is one that Judge Lewis Kaplan will spend the next few months deliberating by himself.
The no-nonsense 78-year-old judge is a veteran of the Southern District of New York and has presided over some of the biggest cases to roll through the courthouse at 500 Pearl Street in downtown Manhattan.
Kaplan is straightforward and has no patience for pageantry in his courtroom. If a witness is deliberately avoiding a question, or an attorney is being redundant and sloppy in his cross-examination, Judge Kaplan is quick to admonish the offender and set the conversation back on course. He also has no problem calling out members of the gallery for chewing gum in his courtroom.
The judge’s lack of patience with Bankman-Fried during the defendant’s four days on the stand was obvious to anyone who was there — or who later read the transcript.
The 31-year-old graduate of Massachusetts Institute of Technology was a sight to behold on the stand. Under direct examination, he would sometimes rush through convoluted, repetitive and contradictory sentences.
“So I should preface this by saying I’m not a lawyer,” Bankman-Fried began one answer.
“I’m not giving a legal interpretation of this. I’m just giving, as best I can, what my memory is. And the parts of this that jibe with that, I, you know — I’m not trying to give a definitive legal ruling on what this does or doesn’t say. The — I’m not sure that I would quite answer yes to the question as you most recently phrased it. I’m going to try as best I can to give the answer that I believe, which is that the — as — at least as I remember understanding it at the time, FTX either itself or I think as actually happened, without FTX as an intermediary, customers’ fiat funds would be sent to Alameda bank accounts, FTX would retain a — effectively a debt from Alameda for those and a — in the lien section here, a lien on Alameda’s assets as security for that ongoing liability, that it would be repayable on direction from FTX in the return section here, and — and in the payment directive section.”
Later, on cross-examination, Bankman-Fried suddenly clammed up, replying with “Yup,” and “I don’t recall,” hundreds of times. After several dozen of these instances, the government often presented evidence that would either directly refute the defendant’s testimony or offer an answer to the question Bankman-Fried had dodged.
Multiple litigators told CNBC that Bankman-Fried’s combative attitude toward Assistant U.S. attorney, Danielle Sassoon, wasn’t a good look for the jury or judge either.
So now, the question of prison time goes to Judge Kaplan. The sentencing date is March 28 at 9:30 a.m. ET.
Government exhibit in the case against former FTX CEO Sam Bankman-Fried.
Source: SDNY
Decades behind bars
Bankman-Fried was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
That the jury was able to reach a unanimous verdict in a just few hours suggests that they were truly convinced and that there were no holdouts that needed to be coaxed, Yesha Yadav, law professor and Associate Dean at Vanderbilt University, told CNBC.
“This overwhelming consensus should give the judge confidence to follow the jury’s decisiveness by imposing a more severe sentence than a lighter one,” continued Yadav.
In this case, the statutory maximum sentence is around 115 years, but there is a sliding scale for sentencing according to recommended guidelines given the scale of the crimes and the criminal history of the defendant.
“I wouldn’t be surprised if SBF spends the next 20 or 25 years of his life in prison,” Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC.
“The sheer scale of his fraud was immense, he was defiant and lied on the witness stand, and Judge Kaplan had very little patience for his antics while out on bond. He will have more sympathy for the victims than he has for Bankman-Fried,” added Mariotti.
Caroline Ellison, former chief executive officer of Alameda Research LLC, leaves Manhattan Federal Court after testifying during the trial of FTX CEO Sam Bankman-Fried, on October 10, 2023 in New York City.
Michael M. Santiago | Getty Images
In August, Judge Kaplan revoked Bankman-Fried’s bail and sent him back to jail for witness tampering.
“The federal sentencing guidelines will likely be sky high, but they are just that — guidelines — and the judge is required to consider all of the circumstances surrounding SBF and his offense,” said Mariotti.
Yadav added that the issue of sentencing is governed by guidelines that look to factors such as how many have been harmed and the overall dollar quantum, as well as the seriousness of the damage a defendant has inflicted.
“Here, there are some factors that could push the judge toward a very lengthy prison term, possibly close to the 110 years that the sentencing guidelines suggest,” said Yadav.
The sentence will come down to what the judge believes is sufficient to punish Bankman-Fried, deter others, and promote respect for the law, he added.
Former Assistant U.S. Attorney Kevin J. O’Brien, who specializes in white-collar criminal defense in NYC, agreed, saying that, “Since judges have discretion even under the Guidelines, I believe his sentence will be in the 15 to 20 year range.”
O’Brien added that given Bankman Fried’s age, he thinks the judge will be inclined to give him a chance to live a full life after his prison term.
Bankman-Fried’s case has been compared with that of Elizabeth Holmes, founder of medical device company Theranos, which ceased operations in 2018.
Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense. She was sentenced to more than 11 years in prison, and began serving her punishment in May at a minimum-security facility in Bryan, Texas.
But former federal prosecutor Paul Tuchmann tells CNBC that he expects harsher terms for the former FTX CEO, because “the amount of losses that were suffered is simply staggering.”
Tuchmann compared Bankman-Fried’s case to that of Bernie Madoff, who was sentenced to 150 years in prison.
“Like Madoff, a lot of the losses in this case were small investors. They weren’t all large institutions, which really tends to create a greater pressure for a significant sentence,” said Tuchmann.
“Certainly, there may be some mitigation here. Sam Bankman-Fried is very young. The judge may take that into consideration. Bernie Madoff went to jail for 150 years when he was obviously much older – with limited productive years left,” Yadav said of the Madoff comparison.
“Sam Bankman-Fried still has an opportunity to make some kind of positive contribution during his lifetime. His crimes are also not violent in nature,” continued Yadav.
Another wild card is the fact that the Department of Justice may bring a second, entirely different case with separate charges against Bankman-Fried in Mar. 2024. The government has until Feb. 1 to let the court know if it plans to still proceed.
“A further issue here is that sentencing will take place in March 2024 – very close to the second criminal trial that Sam Bankman-Fried faces for campaign finance violations and bribery of foreign officials,” said Yadav. “The prosecution is likely to feel very confident going into this next trial. In other words, if he is also found guilty on these additional charges, he may see an even longer sentence potentially than the multiple decades worth of time (at least) that he is looking at presently.”
Mark Kay’s iconic Pink Cadillac awards are driving into the future for 2025. The company’s first-ever electric Pink Cadillac OPTIQ made its debut during the Mary Kay annual Seminar in Charlotte this weekend, symbolizing a “recharged vision” for the future of the popular brand.
Pioneers in monetizing friendships female empowerment and entrepreneurship, the Pink Cadillac is considered one the most coveted symbols of achievement for Mary Kay sales reps, signifying not just great sales (GM Authority reported that it took ~$102,000 in annual sales to qualify back in 2001), but also leadership, a history of mentoring others, and a sustained reputation of excellence among their peers.
The women you see behind the wheel of the Pink Cadillac are the real deal, in other words, and the big Caddy really does mean something to people in the know.
The iconic pink Cadillac was born in 1968 when Mary Kay Ash purchased a Cadillac Coupe De Ville from a Dallas dealership and promptly had it painted to match the pale pink Mary Kay lip and eye palette. General Motors later named the color Mary Kay Pink Pearl, and the shade is exclusive to Mary Kay.
MARY KAY
Now, the Pink Cadillac is going to stand for environmental sustainability, too, enabling Mary Kay’s top performers to set yet another positive example for anyone aspiring to their success.
“For decades, the Mary Kay pink Cadillac has symbolized accomplishment, aspiration, and the power of recognition,” said Ryan Rogers, Chief Executive Officer of Mary Kay. “With the introduction of the all-electric OPTIQ, we’re honoring that iconic legacy while driving into a transformative future—one grounded in our commitment to sustainability and dedication to inspiring and celebrating the achievements of our independent sales force for generations to come.”
Mary Kay announced its new Pink Cadillac with this video, below.
Same Legacy, New Energy
“The legacy continues with the new, all-electric (and still very pink) Cadillac Otiq [sic],” reads the official Mary Kay copy on YouTube. “The Optiq remains instantly recognizable with the pink pearl exterior, while modernizing with sleek, cutting-edge features. In addition, this vehicle showcases our commitment and dedication to sustainability by reducing our carbon footprint while continuing to inspire.”
Speaking of inspiration, I can’t hardly hear the words “Pink Cadillac” without thinking of the song. But, since “Bruce Springsteen” has become something of a trigger word for the MAGA snowflakes in the audience, I’ll post a different, but similarly great song about rose-tinted GM flagships from Dope Lemon. You can let me know what you think of it in the comments.
As ever, the Cadillac is not a “gift,” per se – but typically takes the form of a two year lease paid for by Mary Kay. No word yet on what the exact shape and form the OPTIQ deal will take.
Electrek’s Take
Whatever you might think of MLMs or businesses like Amway, Avon, or Mary Kay, they play a big part in the social dramas of hundreds (if not thousands) of neighborhoods and online communities. The people at the top are influential, and the people “below” them genuinely try to emulate them and follow their lead.
Thanks to Mary Kay, that might soon mean a decision to buy an electric vehicle – and that result would be a win for everyone.
SOURCE | IMAGES: Mary Kay.
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RBW, a British handcrafted electric car manufacturer, brought its cute little Roadster out to Santa Monica and invited us up for a drive.
RBW has built cars in the UK for a few years now, but is about to set up US manufacturing in Virginia. Along with that comes a version of its Roadster modified for the US market, and we got a sneak peek with a short drive in Santa Monica.
The RBW Roadster is a small, hand-built, retro-style EV, meant as a modern take on British classics. But it’s not an actual classic itself – it’s a newly-built vehicle, with a new body, modern safety features, and even some electronics, like CarPlay and Android Auto (but not much else – there’s no huge, cockpit-defining screen, just a 9″ one, with retro gauges in front of the driver. But it does have a backup camera!).
Our drive was short, just a quick trip up and down the most trafficky part of Pacific Coast Highway in Santa Monica, without much chance to really stretch the vehicle’s legs. So we can’t verify range or tell you how it handles on the limits, but we can tell you about the basic controls and feel of the vehicle.
On a mostly smooth road, the car offered a comfortable ride dynamic. We didn’t get a sense of chassis noise because the top was down (which I surmised was an intentional effort by the company – I’ve used the same trick when showing off my car before).
The steering is tight and has a good weight to it, and the retro-style steering wheel felt great in my hands.
Of particular interest to me, as a long-time EV driver, is how the throttle pedal is tuned. Lots of EVs add some intentional delay or smoothing to throttle inputs, which ends up making the pedal feel mushy and indirect, reducing the control you have over the vehicle.
For reference, the cars I drive most often are the Tesla Roadster and Model 3, which both have excellent direct pedal feel.
And I’m happy to report that the RBW Roadster’s throttle pedal feels very similar to the cars I love to drive. The car feels quick, and responds exactly to what I want it to do, when I want it to do it. But it’s not excessively “punchy” like some of the more absurdly-powered EVs can be (like the Tesla Model S Plaid or the Macan Turbo S).
It does not, however, have off-throttle regenerative braking, aka one-pedal driving. Pressing the brake pedal engages regen, but letting off the throttle lets you simply coast. I personally prefer one-pedal driving, but one consideration RBW had is that since the car does not have traction control, regenerative braking on the rear axle (where the motor is) could potentially present a safety issue on slippery roads. So, fair enough I guess, but I still do prefer one pedal.
Speaking of pedals, the brake pedal was placed quite far from the accelerator. This is a plus and a minus – a minus because it’s quite different from most vehicles these days, where the pedals are placed closer, for ease of reaching them with your right foot. A plus because higher separation might reduce the chance of “crossing the pedals” and accidentally pressing both with the same foot in an emergency situation, and because it enables left-foot braking, which is generally better for performance driving… in the hands of a trained driver, anyway.
That said, this isn’t exactly a performance car. It’s fun, it’s responsive, but it’s not powerful. The version we tested had a 0-60 time of only around 9 seconds, so it didn’t give you the “throw your head back” feeling that so many EVs on the road these days do. It’s responsive, but not fast.
RBW says the American version will have more motor power than the UK version, but it’s still trying to figure out exactly how to tune it. This should bring 0-60 times down by about a second. But we can’t help but think that it would be nice with even a little more power than that, which we think should be possible given the car’s 50kWh battery and ~2,900lb weight, specs that are similar to my similarly-sized Tesla Roadster (as you can see below – along with the GT version of the RBW, on the right).
Here’s an issue: all the specs we were given seem extremely fluid. While talking to the company, I got several different numbers for any given specification. It seems to me like the company is still figuring out exactly what changes it will make for its US models.
This is somewhat to be expected of a small, hand-built manufacturer, especially since buyers can ask for certain modifications or personalizations (seat height, for example, which is important in a small car like this). But it does make it tough to write an article about it.
Nevertheless, the car drives well, and RBW seems to have gotten a lot right about the dynamics of the vehicle. It executes well on its goal – a fun, small British-style roadster, a great weekend car for those who have the means.
As for the means, the RBW Roadster will start in the $140-150k range, so it’s not cheap. But if you’re looking for something like this, it’s just about the only game in town, and it’s a good execution of the feel of a nimble roadster for weekend cruising.
RBW is currently taking $1,000 reservations for 2026 builds, and you can have a look at configurations (paint, roof, interior, wheels) over on its website.
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Canadian startup Beachman has just unveiled its latest electric two-wheeler, the ’64, a vintage-styled electric motorcycle that looks like it rolled straight out of the 1960s. With throwback café racer design and a respectable top speed of 45 mph (72 km/h), it’s a slick little ride with a curious twist: it calls itself an e-bike.
It’s not just a casual reference, but it’s baked into the name. The full model name on Beachman’s website is the ’64 E-Bike.
While I’d generally be inclined to give them the benefit of the doubt, since many motorcyclists refer to electric motorcycles as “e-bikes” and the term has a broad definition in colloquial usage, the company is obviously casting more in the “electric bicycle” end of the spectrum. They even say on their website that it is “rideable as either a Class II E-Bike or a Registered Moped (in most states).”
Despite lacking pedals entirely – and clearly designed more like a lightweight electric motorcycle – the Beachman ’64 comes with a selectable “E-Bike Mode” that limits it to 20 mph (32 km/h). The implication? That riders can use this obvious motorcycle in bike lanes like a Class 2 e-bike. Legally speaking, that’s a stretch, to put it mildly. In fact, I’m not currently aware of any state where that’s explicitly legal, though it could probably pass in many states due to the current state of enforcement we usually see.
According to Beachman, the ’64 has three ride modes:
- E-Bike Mode: 20 mph (32 km/h) top speed, which the company says is “perfect for bike lanes.”
- Moped Mode: 30 mph (48 km/h) top speed, which does match legal definitions for mopeds in some jurisdictions, even without pedals.
- Off-Road Mode: 45 mph (72 km/h) top speed, no pretense – just a motorcycle.
In practice, I don’t think it’s a stretch of the imagination to assume that most riders will likely keep it in Off-Road Mode, where the bike delivers its full 3,000W performance and offers the most fun. And specced with decently large batteries, it could actually do some modest commuting, even at higher speeds. The ’64 comes with a removable 2.88 kWh battery (or optional 3.6 kWh upgrade), and range is estimated at 55–70 miles, depending on configuration. It charges to 80% in three hours and even features regenerative braking.
The company leans heavily on its “timeless design” messaging, and to their credit, the ’64 nails the aesthetic. It looks great. The frame, tank, and seat all channel classic motorcycle vibes while skipping the modern digital overload – no apps or touchscreens here. Just a clean, simple throttle and some retro charm.
But for all the cool factor, the classification confusion raises eyebrows. Calling a 45 mph, pedal-less motorcycle an “e-bike” in any meaningful legal sense is a misfire. Some states allow low-speed mopeds in bike lanes, but others draw the line at motorized vehicles without pedals. The ’64 might get away with it in limited cases, but most jurisdictions will (rightfully) require it to be registered and insured as a motor vehicle. And it’s unclear if explaining to the officer, “But I had it in 20 mph mode…” will help much on the side of the road.
Still, Beachman is aiming at a particular rider who wants motorcycle style and speed without all the baggage. With a starting price of $4,800, the ’64 could be an appealing step-up for e-bike riders looking to graduate into something faster without committing to a full-sized gas bike.
Just don’t expect to blend in on the bike path.
Electrek’s Take
Look: The bike looks fantastic and probably rides well, but come on, it’s a 230 lb (105 kg) motorcycle.
Let’s stop calling every throttle-only EV an e-bike just because it’s got two wheels, a battery, and a button that neuters it to 20 mph. This has gotten silly. You built a great-looking bike. But it’s a bike in the way a motorcycle rider refers to his “bike.” It’s not a bicycle, and it’s not a bike lane vehicle any more than a Sur Ron is. At least not if you respect your fellow two-wheel riders around you.
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