Parent of FTX victim who lost $130,000 asks judge to go easy on SBF, suggests six years in prison versus DOJ’s 40-50
Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City.
Michael M. Santiago | Getty Images
Heather Ferguson’s son lost approximately $130,000 in cash when crypto exchange FTX went bankrupt in November 2022. At the time, Ferguson traveled to where her child was living to spend four days consoling him. Since touching bottom, however, he has shown “resilience,” “confidence,” and a “determination to meet life’s challenges head on with renewed focus and vigor,” Ferguson wrote in a note to U.S. District Judge Lewis Kaplan on Tuesday.
It helps that in January, her son was contacted by the entity overseeing the disbursement of FTX client funds and told that he would be refunded the full amount he was owed.
“I am writing to convey my hope that Sam Bankman-Fried will be given a sentence in the range of 70 months for his role in the collapse of FTX,” Ferguson wrote in her letter to the judge. “The hope that customer funds will be reimbursed in some measures mitigates the severity of Sam’s guilt, and it seems to me that the length of his sentence should reflect this fact.”
Ferguson’s letter is part of an eleventh hour push by the defense to appeal to Kaplan’s sense of leniency as the judge gears up for Bankman-Fried’s sentencing hearing on Thursday.
In November, a jury of twelve found the former crypto executive guilty of all seven criminal counts against him, including 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 just a few hours that FTX’s ex-CEO stole $8 billion from customers of his now bankrupt crypto exchange 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, previously told CNBC.
On Tuesday, the defense submitted three letters in support of Bankman-Fried, while prosecutors filed more than 50 letters of their own, bringing the total number of victim impact statements to 117.
The question of whether FTX customers being made whole through bankruptcy should influence the court’s decision over sentencing is a major point of contention.
Earlier this month, federal prosecutors in Manhattan wrote in a memo to the court that Bankman-Fried should spend between 40 and 50 years in prison.
“Even now Bankman-Fried refuses to admit what he did was wrong,” the government wrote.
Even as the bankruptcy estate promises to pay back customers in full, many of FTX’s thousands of victims (reportedly up to a million) argue that their crypto stakes have been significantly undervalued by the exchange’s new leadership team.
Parents chime in
Ferguson was one of three concerned parents to write Kaplan, suggesting that Bankman-Fried’s emotional and behavioral disorders be taken into account as part of his deliberations over sentencing.
“Along the vein of mitigating factors, some mention should be made of Sam’s ASD and the afflictive emotions that stemmed from his ADHD and his medications,” Ferguson wrote. “These are relevant factors in his background which likely caused him to show poor judgment, but did not likely correlate with an intention to be malicious toward his clients.”
Bankman-Fried’s psychiatrist, George Lerner, told Judge Lewis Kaplan in a letter in August that the former FTX CEO has a history of depression and attention-deficit/hyperactivity disorder. ADHD is among the most common neurodevelopmental disorders in children.
“Additionally, there have been times when Mr. Bankman-Fried did not have access to the Emsam patch (typically when travelling/abroad) and exhibited symptoms of depression, including lethargy, anhedonia, low motivation, and increased ruminations,” Lerner wrote.
Without his medication, Lerner warned the judge, “Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense.”
At one point during Bankman-Fried’s criminal trial last year, the defense team also argued that he was not receiving adequate access to prescribed medication, including Adderall, a treatment for attention-deficit/hyperactivity disorder. And when initially remanded to custody, lawyers for Bankman-Fried argued that their client had a “limited” and “dwindling” supply of Emsam, a transdermal patch for treating depression.
Maria Centrella, the mother of a 34-year-old son with Asperger’s Syndrome, also wrote to Judge Kaplan to share her experience raising a child on the Autism spectrum.
“I have no opinion as to his guilt or innocence under the law, but do want to share with you my experiences with my son that hopefully might give you some pause to reflect on Sam’s behavior and mental state leading up to and during the trial,” wrote Centrella, who says that she was not familiar with Bankman-Fried’s story until she watched Michael Lewis’s “60 Minutes” interview, in which he shared anecdotes from shadowing Bankman-Fried as part of reporting a book about his life.
“As he described Sam I saw my son and kept wondering why Asperger’s never came up in the segment, because those of us knowledgeable about it, could see his behavior, his mannerisms … and his brilliance… as huge indicators of him being on the spectrum,” Centrella wrote.
She went on to say that she reached out to Bankman-Fried’s father, Joe, who confirmed that Sam had indeed been diagnosed as on the autism spectrum and that the court had been made aware.
“I have no idea how familiar you are with Asperger’s, particularly those who are out working and supporting themselves, but I can speak from experience that the mind of those on the spectrum works differently. Though I have never met Sam, I firmly believe that while he may be an MIT grad – he did not fully understand the scope of what was going on and did not have malicious intent,” she wrote.
Matt Kelly, who also has an autistic son and has worked as a special needs teacher in the UK, wrote a three paragraph letter to share his personal and professional observations that “might be of consideration when deciding a sentence.”
“Many of Sam’s personality traits suggest some type of atypical neurological processes; whether this is a tendency to avoid eye contact, a habit of being unable to focus on one thing at a time, or a lack of emotional response in a situation where most people would show outward signs of strain and distress,” wrote Kelly.
“He has also witnessed his ex-partner and associates testify against him in court, and to a
person with unusual processing, this may have been confusing and upsetting,” Kelly added. “I hope that account is taken of Sam’s abnormal presentation in your sentencing, so that retribution is in proportion to the degree of fault, and that account is taken of which type of institution would be most appropriate in the case of someone like Sam.”
MIT roommate: He did communal laundry “on time”
Two of Bankman-Fried’s former friends and roommates at the Massachusetts Institute of Technology also submitted character references on his behalf.
Daniel Grazian, who graduated in 2013, says that he knew Bankman-Fried “well” for three years.
“Sam was a kind friend and a wonderful person to be around,” Grazian wrote in his letter to the court.
He goes on to say that Bankman-Fried “felt deeply for every living being, farm animals included” and that his portrayal as “being motivated by greed” was “completely inconsistent” with the Sam he knew.
“I believe that if Sam is given a lenient sentence, he will be an asset to society. If the fact that I still limit my meat consumption on ethical grounds is any indication, Sam will continue inspiring others to be a little bit kinder and gentler,” concludes Grazian’s letter.
Another classmate, Adam Hesterberg, who was part of the PhD class of 2018, had known Bankman-Fried before MIT, beginning at a math camp in 2007.
“In the time I knew him, Sam was responsible, was pleasant to be around, and cared about doing good for the world,” wrote Hesterberg in a letter to the judge.
One example he cited was Bankman-Fried’s role in executing house chores.
“Sam did his fair share of chores, usually by washing the pots and dishes used in cooking our meals and doing our kitchen laundry. He consistently did so well and on time; I only observed him late once, when a queue for the washing machine delayed the kitchen laundry,” the letter states.
Hesterberg went on to detail other instances of Bankman-Fried’s good nature, including wanting to “reduce farm animals’ suffering” and encourage his fellow classmates to donate to charitable causes, such as the Against Malaria Foundation.
“I don’t know to what extent a character reference from a decade ago should affect Sam’s sentencing, but to whatever extent it does, my impression of Sam was almost uniformly positive and is an argument for leniency in his sentence,” Hesterberg concludes.
The Goodwood Festival of Speed happened this weekend, and Ford’s electric SuperTruck managed to beat every other vehicle, gas or electric, to the top of the hill.
The Goodwood Festival of Speed is a yearly event on the grounds of Goodwood House, a historic estate in West Sussex, England. The event started in 1993, and has become one of the largest motorsports festivals in the world.
Many companies attend Goodwood to debut new models, and enthusiasts or race teams will show off rare or customized vehicles or race unique cars.
One of the central features of the event is the Goodwood hillclimb, a short one-way race up a small hill on the property. The track is only 1.17mi/1.89km long, with a 304ft/92.7m uphill climb. It’s not a particularly taxing event – merely a fun way to show off some classic or unique racing vehicles.
As is often the case, companies brought out several interesting EVs to the event, including Honda’s Super EV concept, the recently-unveiled Hyundai Ioniq 6N, and the upcoming Porsche Cayenne EV, still in camouflage after recently setting an SUV record at another UK hillclimb.
Many of these cars came just to show off, to do a demonstration run up the hill and join the company of the world’s most exotic hypercars.
But some cars show up for the glory, and join “the shootout,” the sprint up the hill for the best time.
And Ford didn’t come to show off, it came to win. And in order to win, it brought…. a truck.
Ford’s SuperTruck is a one-off, 1,400+ horsepower prototype electric vehicle, supposedly based on the F-150 Lightning, but in fact bearing almost no similarity or even resemblance.
It’s been festooned with aerodynamic elements all about, lowered, equipped with race tires, and power output has been boosted to the aforementioned 1,400hp. It was driven by Romain Dumas, who Ford have been using since 2022 to drive their electric prototypes.
For the purposes of a hillclimb, perhaps the most important aspect is the Ford’s electric drive. Hillclimbs are a popular form of racing in Britain, and often consist of a short sprint up a small hill, showcasing acceleration and nimbleness more than anything.
Electric cars do well in this sort of racing due to their instant low-end torque, being able to jump off the line faster than the gas competition. They also tend to have plenty of torque, which helps with carrying them up the hills involved.
EVs do well on longer hillclimbs too, because as races reach higher and higher altitudes, gas cars suffer from reduced power due to less oxygen being available for combustion. EVs don’t suffer from this, so they tend to do well at, say, Pike’s Peak hillclimb – which, incidentally, Ford also brought its SuperTruck to, and also beat everybody at.
This year was not the first time Ford has brought a ridiculous electric chonker to Goodwood. Last year, it brought the SuperVan, which has a similar powertrain to the SuperTruck, and also beat everybody.
The SuperVan’s main competition last year was Subaru’s 670hp “Project Midnight” WRX, piloted by Scott Speed, who Dumas handily defeated by over two seconds, 43.98 to 46.07. And this year, the SuperTruck’s main competition was… the same Subaru, piloted by Speed, who Dumas handily defeated by just under two seconds, 43.23 to 45.03.
Ford did not, however, set an all-time record with the SuperTruck, in fact coming in fifth on the list of fastest runs ever. In front of it are two gas cars and two electric – the gas-powered Gould GR51, a tiny open-wheel race car, with a 42.90; an F1 car driven by Nick Heidfeld that set a 41.6 in 1999; the electric VW ID.R, also piloted by Dumas with a 39.90 (which broke Heidfeld’s 20-year record); and the all-time record holder the electric McMurtry Spierling “fan car,” with a mind-blowing 39.08 in 2019.
You’ll notice something similar about all of these – they’re all small racecars that are actually built for speed, whereas the truck is… a big truck. And yet, Ford still managed to beat every single challenger this year, with its big honker of an EV, because EVs are just better.
Watch the run in full below, starting at 9:34. Blink and you’ll miss it.
And now, if Ford continues its pattern, we’re looking forward to seeing the Super Mustang Mach-E at Goodwood next year, which did well this year at a tough Pike’s Peak, getting first in its class and second overall, likely due to inclement conditions that limited running to the lower portion of the course, limiting the EV’s high-altitude advantages.
Given the Super Mustang is a real racecar, and not a chonky truck, it might even give VW’s ID.R time a run for its money (but, frankly, really has no shot at the overall record, because the Spierling’s “fans” give it an absurdly unbeatable amount of downforce).
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Environment
GM gears up to build low-cost LFP EV batteries in Tennessee after announcing new upgrades
GM is preparing to begin converting production lines at its battery plant in Tennessee later this year for low-cost LFP EV batteries. GM’s joint venture, Ultium Cells, announced additional upgrades at the facility on Monday as it prepares for a new era.
GM will build low-cost LFP EV batteries in the US
After beating out Ford and Hyundai last year to become America’s second-best EV seller, GM is widening its lead in 2025.
Ultium Cells, GM’s joint venture with LG Energy Solution, announced plans to upgrade its Tennessee battery plant on Monday as it prepares to introduce lower-cost lithium-iron-phosphate (LFP) battery cells.
The upgrades build on the $2.3 billion investment announced in April 2021 to convert the facility into a key EV and battery hub. The company initially said the Tennessee plant was “at the heart of GM’s EV strategy,” but that was also when GM was still committed to an all-electric future.
GM will begin converting production lines to accommodate the lower-cost LFP batteries at the facility later this year. By late 2027, the company expects to start commercial production.
With LFP batteries, GM said it’s “targeting significant battery pack cost savings compared to today’s high-nickel battery pack while increasing consumer EV choice.”
The Spring Hill, Tennessee, plant currently employs around 1,300 employees. With the ability to produce multiple chemistries, GM said the facility will “guide the next phase of” its battery strategy.
After choosing Spring Hill for its LFP batteries, the next step, according to GM, is finding a home for lithium manganese-rich batteries. GM recently announced plans to become the first company to produce LMR prismatic battery cells at commercial scale.
Meanwhile, GM’s Warren, Ohio, plant will continue producing NCM batteries, which it says have helped it unlock over 300 miles of range.
Electrek’s Take
GM’s electric vehicle sales more than doubled in the second quarter, led by the hot-selling Chevy Equinox EV. The company sold nearly 46,300 EVs in Q2, up 11% from last year.
Chevy is currently the fastest-growing EV brand in the US, while Cadillac claims to have already achieved “EV leader” status in the luxury segment this year. However, that does not include Tesla.
Even GMC is building momentum with the new Sierra EV, seeing strong initial demand, and Hummer EV sales are picking up.
With new, lower-cost batteries on the way, GM aims to continue narrowing the gap with Tesla. GM offers 13 electric vehicles, covering nearly every segment of the market. It already calls the Chevy Equinox EV “America’s most affordable +315 range EV,” but GM has even lower-priced models on the way, including the next-gen Chevy Bolt EV.
Ready to test drive one for yourself? You can use our links below to find Chevy, Cadillac, and GMC EVs in your area.
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Environment
Elon Musk says Tesla is going to have ‘the most epic demo ever’, but we heard that before
Elon Musk is teasing Tesla doing “the most epic demo ever”, but we heard him claim that before and nothing came of it.
On X last night, Tesla CEO Elon Musk said that he was shown something at the Tesla Design Studio and that the company will hold the ” most epic demo ever by the end of the year”:
Just left the Tesla Design Studio. Most epic demo ever by the end of the year. Ever.
I used to get excited about Musk making statements like that, but I was burned one too many times.
In 2016, Musk said this:
Our goal is, and I feel pretty good about this goal, that we’ll be able to do a demonstration drive of full autonomy all the way from LA to New York … by the end of next year.
The end of 2017 came and went without this demonstration and now in 2025, Tesla can’t do it either.
However, since Musk referenced being at Tesla’s Design Studio, where it mostly works on car designs and advanced features, people are speculating that it’s something else.
A possibility is the next-gen Tesla Roadster, as Musk has made similar comments about it in the past, but they were again about demonstrations that never happened.
Shortly after the unveiling of the next-gen Roadster in 2017, Musk talked about adding cold air thruster to the supercar to allow it to have unprecedented racing performance and even possibly hover over the ground.
In 2019, Musk told me that Tesla aimed to do a demonstration of that by the end of 2020:
5 years later, it never happened, and the Roadster was initially supposed to come to market in 2020. It has never launched.
In 2024, Musk claimed that Tesla would unveil and demo the new Roadster by the end of the year:
It also didn’t happen, and the CEO instead said that Tesla was “close to finalizing design” at the end of 2025.
Electrek’s Take
The comment about the demo makes me think of the Roadster, but it could be something else. Maybe a bot, but I’m not sure out of the design studio.
Either way, for the reasons listed above, it’s hard to get too excited.
You can’t just believe what Musk says these days. Historically, he has been wrong or lied too often, especially about upcoming demonstrations like this new comment.
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