Sam Bankman-Fried Files for Appeal
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Sam Bankman-Fried, the former CEO of the failed cryptocurrency exchange FTX, filed an appeal on Friday seeking a new trial under a different judge. Attorneys for Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX who was convicted last fall, filed an appeal on Friday seeking a new trial under a different judge. They argue that he was denied a fair trial. Bankman-Fried, 32, was sentenced to 25 years in prison after a jury found him guilty in November on multiple federal counts of fraud and conspiracy. Prosecutors alleged that he orchestrated a years-long scheme to misappropriate funds from FTX customers’ accounts without their knowledge, deceived investors and lenders, and spent lavishly on real estate, private jet travel, and political donations. Two years after FTX collapsed amid a liquidity crisis, Bankman-Fried contends that he did not receive a fair hearing. In an appeal brief, his lawyers stated, “He was presumed guilty before he was even charged.” They further argued that nearly two years after the collapse, “a very different picture is emerging—one confirming FTX was never insolvent, and in fact had assets worth billions to repay its customers.” They claim that Judge Lewis Kaplan erred by “undermining the defense and defense counsel, even deriding the defendant’s own testimony during the preview hearing and in front of the jury.” The appeal, similar to arguments made before Bankman-Fried’s sentencing earlier this year, focuses on the financial losses of FTX customers. His lawyers assert that the court prevented him from presenting evidence of solvency for FTX and its affiliated firm, Alameda Research, while allowing prosecutors to present evidence of losses. “Throughout the proceedings, the district court made little pretense of objectivity or even-handedness… The judgment should be reversed, and the case remanded for a new trial before a different judge,” his attorneys…
Filed under: News - @ September 15, 2024 10:09 pm