Bankman-Fried appeals FTX fraud conviction, 25-year sentence
The Hindu
Sam Bankman-Fried, facing the prospect of spending much of his adult life behind bars, on April 11 appealed his conviction and 25-year prison sentence for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Sam Bankman-Fried, facing the prospect of spending much of his adult life behind bars, on April 11 appealed his conviction and 25-year prison sentence for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Defence lawyer Marc Mukasey had announced plans for the appeal to the Manhattan-based 2nd U.S. Circuit Court of Appeals during Bankman-Fried's March 28 sentencing hearing. The 32-year-old former billionaire crypto wunderkind was convicted in November on seven counts of fraud and conspiracy in what federal prosecutors have called one of the biggest financial frauds in U.S. history.
Also Read | What does Sam Bankman-Fried’s sentencing mean for crypto? | Explained
Bankman-Fried's appeal could take years. He faces steep odds, with his lawyers needing to persuade the 2nd Circuit - and potentially the U.S. Supreme Court - that U.S. District Judge Lewis Kaplan made significant errors that deprived Bankman-Fried of his legal rights and made the trial unfair.
The sentence imposed by Judge Kaplan was shorter than the 40- to 50-year term that prosecutors had recommended but longer than the 5-1/4 years or fewer that Mukasey had suggested.
Bankman-Fried's sentencing put an exclamation point on his downfall from an entrepreneur whose meteoric rise prompted adulation, reverence and jealousy from some quarters into the biggest trophy for U.S. prosecutors in their crackdown on excesses in the cryptocurrency markets.
Also Read: Explained | The FTX fallout and what’s next for crypto?
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