Sam Bankman-Fried, former head of FTX, has appealed his sentence following a five-week trial last year. Bankman-Fried is serving a 25-year prison sentence for defrauding investors out of more than $8 billion.
Appealing the Sentence
According to the New York Times, Bankman-Fried has appealed the November 2023 court ruling, arguing its unfairness. His new lawyer, Alexandra A.E. Shapiro, stated that Judge Kaplan presumed Bankman-Fried guilty from the start. The 102-page filing claimed that Judge Kaplan hindered the defense and restricted evidence presentation.
Defense Arguments
Bankman-Fried, once a crypto billionaire, is serving his time in a federal prison. During his Manhattan trial, he maintained his innocence, insisting he never intended to defraud clients or hide the company's financial state from investors and regulators.
Implications for Other Defendants
Other FTX executives who took plea deals, such as former Alameda CEO Caroline Ellison and Ryan Salame, also face prison time. Ellison's lawyers pushed for supervised release, while Salame tussled with Justice Department prosecutors over campaign finance accusations involving his partner.
Nearly two years after FTX's collapse, related litigation is advancing. Former CEO Sam Bankman-Fried is seeking a new trial, alleging his defense faced restrictions. Court investigations and settlements continue to address various aspects of the company's operations, its leadership, and associated structures.
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