As the sentencing of Sam Bankman-Fried draws near, I am vividly reminded of what it felt like when I once sat in that very same seat, awaiting a federal judge to determine my fate. The prosecutor called for seven years imprisonment—of a possible 23—for my case, which involved a $3 million wire fraud and federal tax charges—a drop in the bucket compared with SBF’s multibillion-dollar fraud and maximum possible penalty of 110 years.
However, loss amounts aside, one major difference sets apart my case from Sam Bankman-Fried’s: I accepted responsibility. I did something wrong. I knew I did something wrong. And I chose a path of humility. Personal factors in my life contributed to a downward departure at my sentencing, but none were more impactful than holding myself accountable—clearly, something SBF hasn’t learned. Humility and accountability earned me a three-year sentence, of which I only served a few months in a federal minimum-security camp. SBF stands no chance of such mercy.
In fact, his flamboyant arrogance, and perhaps naivety, is only adding fuel to the fire as Bankman-Fried heads into the most important court hearing of his life. As I sat in the courtroom awaiting my sentence, the weight of my actions bore down on me like a heavy shroud. Guilt, fear, and anxiety coursed through me as I sat, dry-mouthed and trembling, waiting for the judge to utter the consequences of my actions. I’m not sure SBF feels the same way. He carries himself like he’s entitled, almost like he’s some kind of victim, a position all too common in these cases. The judge will see right through it.
What lies ahead for him is anything but easy. The consequences of white-collar crimes are essentially a life sentence. Even if SBF somehow manages to avoid significant prison time, he will most certainly have an astronomical restitution amount, which will never be repaid. He will never own a home or have a retirement account ,and in some states, he’ll never vote. He will forever be scrutinized by the federal government.
SBF will never work in his industry again. It’s unlikely he’ll ever hold an officer position unless it’s within his own company, which, if he manages to build, would have a lien placed against it by the government, particularly if it has tangible assets. While most states no longer disqualify individuals with a conviction from obtaining occupational licenses, such as hairstyling, depending on the state he lives in…
Click Here to Read the Full Original Article at Fortune | FORTUNE…
