Attorneys representing Sam “SBF” Bankman-Fried have officially submitted the necessary documents to challenge the conviction and sentencing of the former FTX CEO. In a notice filed on April 11 in the United States District Court for the Southern District of New York, lawyer Alexandra Shapiro confirmed that Bankman-Fried plans to appeal the verdict on seven felony charges delivered by the jury, as well as the 25-year prison sentence imposed by Judge Lewis Kaplan. The announcement of the appeal was expected, as Bankman-Fried’s legal team had expressed their intention to do so at the March 28 sentencing hearing.
The filing comes two weeks after Bankman-Fried’s sentencing, during which Judge Kaplan also ordered the forfeiture of $11 billion. On April 8, Bankman-Fried’s lawyers requested that the judge grant an order allowing him to remain at the Metropolitan Detention Center in Brooklyn for the duration of the appeal, rather than being transferred to a federal prison in the San Francisco Bay Area.
The case against Bankman-Fried and his associates began in November 2022, when FTX, a cryptocurrency exchange, faced liquidity problems and filed for bankruptcy. Bankman-Fried was apprehended in the Bahamas, where the company’s offices were located at the time, and later extradited to the United States to face fraud charges. In November 2023, he was found guilty on seven felony counts by a jury.
Opinions among affected cryptocurrency users regarding Judge Kaplan’s sentencing have been divided. Many argue that a 25-year sentence is inadequate considering the harm caused to thousands of FTX customers by Bankman-Fried, while others believe that the lengthy prison term could serve as an effective deterrent for individuals in the industry.
In all likelihood, Bankman-Fried’s appeal will be reviewed by the Second Circuit Court of Appeals, where a panel of judges will decide whether to uphold the conviction or reverse the decision, potentially leading to a new trial. The grounds for appeal were not specified in Shapiro’s filing.
Meanwhile, sentencing hearings for Bankman-Fried’s associates at FTX and Alameda Research, including Ryan Salame, Caroline Ellison, Gary Wang, and Nishad Singh, are proceeding as scheduled. Salame’s sentencing is set for May 28. Unlike Bankman-Fried, these four individuals pleaded guilty and reached agreements with the prosecution prior to the trial.
Magazine:
Inner City Press and X Hall of Flame report that Alex Mashinsky, who is perceived as being less ostentatious compared to Bankman-Fried, is expected to receive a shorter prison sentence.