Joseph Bankman and Barbara Fried, the parents of disgraced FTX founder Sam Bankman-Fried (SBF), are reportedly pursuing a presidential pardon from Donald Trump, according to Bloomberg. SBF was sentenced to 25 years in prison in March 2024 after being convicted of multiple fraud charges. Despite their son’s massive fall from grace, his parents have met with individuals close to Trump’s administration to explore clemency options. The family hopes to lean on Trump’s record of granting pardons to figures like Ross Ulbricht, founder of the Silk Road marketplace.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Trump’s Pardon History Sparks Optimism
Trump’s decision to pardon Ulbricht, who served 11 years of a double life sentence, has given hope to other white-collar defendants. However, crypto analyst Lucien Bourdon pointed out that Ulbricht’s case was seen as “state overreach,” whereas Bankman-Fried’s case involves severe fraud and embezzlement allegations.
FTX Collapse Continues to Haunt SBF
FTX crumbled in late 2022 after revelations that its sister company, Alameda Research, secretly funneled billions in customer funds. Despite efforts by SBF’s defense to argue the case’s severity, his conviction left him with few allies in the crypto world. Whether Trump’s administration will consider clemency remains to be seen.
As stories like these highlight, staying informed about the crypto industry is crucial for investors. Track your favorite cryptocurrencies on TipRanks to stay ahead of major developments and shifts in the market. Click on the image below to find out more.
