- Convicted Sam Bankman-Fried (SBF) appeals his multi-decade prison sentence.
- The former FTX CEO was convicted on several counts of fraud.
- SBF cites procedural flaws in his trials and claims to have uncovered new evidence.
The months-long legal procedures involving Sam Bankman-Fried (SBF) for the FTX financial implosion recently came to an end, marked by a multi-year prison sentencing and a hefty fine for the disgraced crypto mogul. While many argued that the imposed sentence was too lenient, SBF is not willing to accept his fate and face the consequences of his actions.
Resolute in his pursuit of freedom, Bankman-Fried is stirring new efforts to challenge his sentence.
SBF’s Appeal In Motion
On Thursday, April 12, the legal counsel for SBF filed a notice of appeal with the United States District Court of the Southern District of New York.
Sponsored
According to the court documents, the convicted former CEO is seeking to appeal both his guilty conviction for the $8 billion FTX fraud, as well as the 25 years prison sentence ruled on March 28, by US Judge Lewis Kaplan.
The initiation of the appeal aligns with SBF’s declared intentions to appeal the judgment following the sentencing hearing. The fallen crypto mogul also pointed out the existence of new evidence and procedural flaws in the trial process, which, in his opinion, unfairly biased the case against him. SBF further claimed that witnesses in the trial “greatly misstated what actually happened,” and alleged improper collaborations between his law firm, Sullivan & Cromwell, and federal prosecutors.
While the former CEO emphasized that the wrongdoings “infected his case”, his appeal also underscores the relentless fight by his counsel to bag him minimal to no time, even prior to his sentencing.
SBF’s ‘No Jail Time’ Campaign
While awaiting sentencing, Bankman-Fried, his family, and counsel, pulled out all the stops, vigorously advocating for leniency from Judge Lewis Kaplan.
Sponsored
Central to their petitions were claims that SBF has been diagnosed with Autism spectrum disorder (ASD), making him unfit for prison or lengthy judgments. One of the advocates, Maria Centrella emphasized that SBF’s diagnosis should play a mitigating factor in his sentencing, as “he did not fully understand the scope of what was going on and did not have malicious intent.”
SBF’s lawyers also asserted that a sentence beyond 63-78 months, approximately five to six and a half years, for the 32-year-old is a “death in prison” judgment, which could potentially break him.
On the Flipside
- Several FTX creditors are still awaiting reimbursement for the assets lost in the $8 billion fraud.
- Some industry experts have argued that the former CEO has a slim chance of getting a reduced sentence.
- SBF is politically connected, having made donations to both main US parties.
Why This Matters
While his sentencing brought a degree of closure to the far-reaching collapse of FTX and the lengthy legal process, SBF’s appeal indicates that the chapter is far from over. Given the magnitude of his charges, a successful appeal seems unlikely for Bankman-Fried. However, the relentless excuses of a faulted mental state and intensifying defense by his counsel could influence the outcome of the brewing legal process.
To find out more about some of the misdeeds attributed to SBF during the trial, read here:
FTX Employees Uncovered a $65B Backdoor Months Before Collapse
The identified Telegram vulnerability is still a threat, read to find out more:
CertiK Doubles Down on Finding Telegram Exploit
