FTX CEO Slams Attempt to Reduce SBF’s Sentence, Highlights Ongoing Suffering of Victims John Ray III, the CEO and restructuring officer of
FTX, has criticized an attempt made by Sam Bankman-Fried’s lawyers to reduce his sentence,
emphasizing that the victims of the fraud “have suffered and continue to suffer.”
On Wednesday, Ray penned a victim impact statement, addressing Judge Lewis Kaplan on
behalf of FTX and its “millions of creditor victims.” The purpose was to rectify the “
material misstatements and omissions” made in Bankman-Fried’s sentencing submission.
The letter ostensibly came in response to
Bankman-Fried’s lawyers arguing on Tuesday that the proposed 40-to-50-year sentence recommended by the U.S. government prosecutors was
unduly severe. In the letter, Ray vehemently countered Bankman-Fried’s claims that
FTX remained solvent during
bankruptcy proceedings and that no money had been lost, labeling them as “categorically, callously, and demonstrably false.”
Ray stressed that the victims of
Bankman-Fried’s actions would never be able to regain the economic position they would have been in had they not encountered his
colossal fraud. He underscored the extensive efforts made by his team since assuming the role of
CEO in November 2022, stating that they had diligently worked to salvage the company from a metaphorical “dumpster fire” and were now poised to
return substantial value to creditors.
