Former FTX CEO Sam Bankman-Fried has challenged his 25-year sentence following his five-week trial late final 12 months.
In accordance with the New York Instances, Bankman-Fried appealed a November 2023 courtroom ruling that discovered the FTX founder responsible of defrauding buyers of over $8 billion.
His new lawyer, Alexandra A.E. Shapiro, argued that Decide Kaplan, the presiding choose, presumed Bankman-Fried responsible from the beginning. The 102-page submitting requested a brand new trial, claiming Decide Kaplan hindered Bankman-Fried’s protection and restricted proof.
As soon as a crypto mogul and billionaire, Bankman-Fried has been serving a 25-year sentence in a federal jail facility since final 12 months.
Since his trial in Manhattan, FTX’s former CEO has maintained a semblance of innocence, insisting he by no means supposed to siphon billions of buyer funds or conceal the agency’s monetary well being from buyers and regulators.
Different FTX executives who signed plea offers, like former Alameda CEO Caroline Ellison and Ryan Salame, additionally face jail time. Ellison’s legal professionals pushed for a supervised launch whereas Salame tussled with Justice Division prosecutors over marketing campaign finance probes on his companion.
Almost two years after FTX’s collapse, associated litigation is advancing on a number of fronts. The defunct change, its sister firm Alameda, and the Commodity Futures Buying and selling Fee reached a court-approved $12.7 billion settlement settlement final month.
The Securities and Trade Fee additionally indicated it might contest FTX’s plans to repay collectors utilizing stablecoins in its chapter proceedings.