Sam Bankman-Fried, the founder of FTX, has lodged an appeal against his conviction and 25-year prison term for defrauding customers of his now-defunct cryptocurrency exchange.
In November, Sam Bankman-Fried was found guilty on seven counts of fraud and conspiracy, marking one of the largest financial fraud cases in US history according to authorities.
Once a prominent figure in the cryptocurrency world, Sam Bankman-Fried enjoyed widespread attention, appearing on magazine covers and engaging with lawmakers. However, his image took a severe blow when FTX collapsed in 2022 amid a wave of customer withdrawals.
Sam Bankman-Fried’s attorney, Marc Mukasey, announced the appeal plan during the sentencing hearing on March 28.
At the hearing, Bankman-Fried expressed remorse for his role in the FTX debacle, admitting to making a series of regrettable decisions. He acknowledged the weight of his actions, stating, “It haunts me every day.”
Despite his apology, US District Court Judge Lewis Kaplan noted a lack of genuine remorse and a failure to fully accept responsibility, expressing concern about the potential for future misconduct.
Prosecutors sought a 40-50 year prison term, while Bankman-Fried’s defense team advocated for a six-year sentence.
Sam Bankman-Fried’s appeal process is anticipated to be lengthy and challenging. His legal team will need to convince a higher court that Judge Kaplan’s rulings during the trial constituted significant errors infringing upon Bankman-Fried’s legal rights.
However, overturning lower court decisions is rare in the US federal court system, with fewer than 10 percent of appeals successful.
