CRYPTO

Authored by Martin Young via CoinTelegraph.com,

FTX restructuring officer and CEO John Ray III has slammed an attempt from Sam Bankman-Fried’s lawyers to reduce his sentence, arguing victims “have suffered and continue to suffer.” 

Ray wrote to Judge Lewis Kaplan on March 20 in a victim impact statement on behalf of FTX and its “millions of creditor victims” to “correct material misstatements and omissions in the sentencing submission” from Bankman-Fried.

The letter comes after Bankman-Fried’s lawyers argued on March 19 that the 40-to-50-year sentencing guide from United States government prosecutors was too harsh.

Ray argued that Bankman-Fried’s claims that FTX was solvent at bankruptcy and that no money was lost were “categorically, callously, and demonstrably false.”

Ray stated he has led an extensive team that has spent over a year “stewarding the estate from a metaphorical dumpster fire” to a company approaching a plan “that will return substantial value to creditors.”

Screenshot of letter from John Ray III to Judge Kaplan. Source: Courtlistener

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