Disgraced crypto billionaire and former FTX CEO Sam Bankman-Fried appeals 25 jail sentence for masterminding large fraud
Former crypto billionaire and FTX founder and CEO Sam Bankman-Fried has this week filed his anticipated attraction in opposition to a prolonged jail sentence.
On 28 March 2024 Bankman-Fried had been sentenced to 25 years in jail for masterminding a $8 billion fraud on the now-bankrupt FTX cryptocurrency alternate he had based.
It got here after Bankman-Fried in November 2023 had been discovered responsible of all US costs (together with fraud, money-laundering and stealing funds) for his position within the collapse of FTX and Alameda Analysis.
Federal prosecutors referred to as it one of many greatest monetary frauds in US historical past.
Bankman-Fried attraction
On the time, defence lawyer Marc Mukasey had vowed to attraction his conviction and sentence.
Now Reuters has reported that on Thursday Bankman-Fried appealed his conviction, however famous that the attraction may take years.
In accordance with Reuters, Bankman-Fried faces steep odds, together with his attorneys needing to influence the 2nd Circuit – and doubtlessly the US Supreme Courtroom – that US District Choose Lewis Kaplan made important errors that disadvantaged Bankman-Fried of his authorized rights and made the trial unfair.
It must be remembered that the 25 yr jail sentence imposed by Choose Kaplan was a lot lower than what US prosecutors had sought.
Bankman-Fried had doubtlessly been dealing with a jail sentence of 100 plus years, however defence lawyer Marc Mukasey in February had urged the decide to not impose that 100 yr sentence, and as a substitute argued {that a} sentence of 5 to six years could be applicable.
US federal prosecutors nevertheless had sought a jail sentence of 40 to 50 years.
FTX colleagues
Three former shut associates who had testified as prosecution witnesses in opposition to Bankman-Fried, are nonetheless ready to listen to their destiny.
In December 2022 Caroline Ellison, former CEO of Alameda Analysis (and the previous girlfriend of Bankman-Fried), as nicely Gary Wang, co-founder of FTX, had pleaded responsible to defrauding traders within the crypto buying and selling platform.
In March 2023 former FTX engineering director Nishad Singh had plead responsible to legal costs within the US.
In the course of the trial final yr they stated Bankman-Fried ordered them to make use of FTX funds to pay Alameda’s money owed, make political donations, and purchase luxurious actual property within the Bahamas.
All three are awaiting sentencing, Reuters reported.
