Sam Bankman-Fried, the Founder and former CEO of the collapsed FTX, has challenged his conviction and sentencing for conspiracy and fraud by filing an appeal in court yesterday (Thursday). The appeal was filed just hours before the deadline.
SBF Appealed
Earlier, the judge had ordered Bankman-Fried to be remanded to a low or medium-security prison in Northern California. This facility is near his parents’ house, and the judge cited concerns for his security at a maximum-security prison due to his autism. Interestingly, during his trial and while awaiting sentencing, Bankman-Fried had requested to be kept in the notorious Manhattan Detention Center. Previously, he was an inmate at the Metropolitan Detention Center in Brooklyn.
The appeal came two weeks after a US court sentenced him to 25 years in prison, along with three years of supervised release. He is also required to forfeit $11 billion.
Billionaire to Convict
Bankman-Fried was once regarded as the messiah of the cryptocurrency world, known for his altruistic vision, signature T-shirt, and shorts outfit. He became one of the youngest self-made billionaires through his FTX empire, which collapsed overnight following the discovery of his dubious business practices.
After a high-profile trial, Bankman-Fried was convicted last November on multiple charges, including wire fraud and conspiracy to commit wire fraud and money laundering. Although the total maximum prison time for all the convictions could amount to 115 years, the prosecutors were seeking 40 to 50 years. Bankman-Fried’s legal team requested six-and-a-half years, but the court ultimately sentenced him to 25 years.
During the trial, several close associates of Bankman-Fried testified against him. They all pleaded guilty to their roles in the shady operations at FTX and are now awaiting sentencing.
This article was written by Arnab Shome at www.financemagnates.com.
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