- Convicted FTX founder Sam Bankman-Fried is seeking a way out of jail.
- SBF’s latest appeal has challenged the judge’s conduct and ruling.
- Another executive involved in the FTX fallout is facing prison time.
The multi-billion dollar financial implosion involving the fallen crypto mogul Sam Bankman-Fried (SBF) and his now-defunct crypto empire has gone down as one of the largest financial disasters in crypto history. The collapse’s weight led to months of intense legal action, seeking to unravel the house of cards that came crashing down.
On March 28, 2024, SBF was handed a 25-year prison sentence after being found guilty of several counts of fraud alongside several key executives. Despite admitting to his wrongdoings, the disgraced crypto mogul is, however, unwilling to accept his sentence.
SBF Appeals Sentence
According to recent court documents, SBF remains resolute in his pursuit of freedom. On September 13, 2024, the former CEO’s legal representatives filed an appeal in the United States Court of Appeals for the Second Circuit, seeking to overturn his 25-year prison sentence.
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The filing follows the April 12 notice of appeal filed by the team, declaring his intention to appeal both his guilty conviction for the $8 billion FTX fraud, as well as the 25 years prison sentence ruled by US Judge Lewis Kaplan.
A focal point of the latest 102-page filing is a challenge of Judge Kaplan’s handling of the case. The lawyers argue that the court deprived the former CEO of a fair trial, asserting that he faced relentless presumption of guilt from all sides, including federal prosecutors and the judge.
“Sam Bankman-Fried was never presumed innocent. He was presumed guilty—before he was even charged. He was presumed guilty by the media. He was presumed guilty by the FTX debtor estate and its lawyers. He was presumed guilty by federal prosecutors eager for quick headlines. And he was presumed guilty by the judge who presided over his trial,” the filing read.
The attorneys stressed that the proceedings were “tainted by other errors,” including prosecutors presenting a false narrative about FTX’s financial status and barring Bankman-Fried’s testimony to undermine his defense.
The appeal now seeks the reversal of the judgment and a new trial for SBF before a different judge. Meanwhile, as Bankman-Fried explores avenues for his release, another convicted co-conspirator is facing sentencing.
SBF’s Ex Faces Jail Time
Recent court documents reveal that Caroline Ellison, the former head of FTX’s sister firm Alameda Research and co-perpetrator in the FTX case, is awaiting sentencing.
Ellison’s sentencing is set for September 24, 2024. She pleaded guilty to several counts of fraud and admitted to misappropriating customer funds under the direction of the convicted Sam Bankman-Fried during the November 2023 proceedings related to the FTX fallout.
However, the former Alameda CEO is also seeking to mitigate her consequences. Ellison’s legal representatives and supporters argued that Bankman-Fried primarily orchestrated the $8 billion fraud, stating that the fallen mogul manipulated her.
On the Flipside
- Sam Bankman-Fried (SBF) has only served a few months of his 25-year prison sentence.
- SBF’s defense team and supporters previously argued that his misconduct was fueled by a faulted mental state.
- The court will sentence two other convicted former FTX executives later in the year.
Why This Matters
Given the magnitude of his charges, the chances of a successful appeal for SBF are slim. However, the defense’s bold claims of judicial bias and an unfair trial could lead to the possibility of a retrial, which may ultimately result in a new verdict.
Read this article for more about SBF’s claims of innocence:
Sam Bankman-Fried Still Claims He’s Innocent From Prison
Crypto exchange Kraken and the US SEC are going at it in a legal battle; read more here:
Kraken Challenges SEC, Demands Jury Trial as Case Heats Up
