The post Sam Bankman-Fried Fights Back: Appeals 25-Year Fraud Sentence appeared first on Coinpedia Fintech News
After a year-long odyssey of legal trials and appeals and finally being sentenced, Sam Bankman-Fried, the former crypto mogul and co-founder of the FTX cryptocurrency exchange, has lodged an appeal against his conviction and 25-year prison sentence.
Let’s dive deeper into the details –
Sam Bankman-Fried Appeals Against Conviction
The face of the defendant party, Sam Bankman-Fried’s defense lawyer, Marc Mukasey, has filed and pleaded an appeal to the Manhattan-based 2nd U.S. Circuit Court of Appeals. The appeal prays against the conviction of SBF and locking him up behind bars for 25 years.
The intention was to challenge the conviction and sentencing imposed by U.S. District Judge Lewis Kaplan for orchestrating an $8 billion fraud scheme, is simply that, the FTX customers will be (and are) getting back their money.
The appeal hearing is expected to be lengthy, with Bankman-Fried’s legal team determined to convince the appellate court of significant errors that allegedly deprived him of his legal rights during the trial.
Impending Sentencing Hearing of Ryan Salame
While the founder, Sam Bankman Fried has already been sentenced to 25 years in prison, and the appeal has already been filed, FTX’s co-founder and executive, Ryan Salame is yet to hear sentencing for his involvement in the fraud case.
Salame’s guilty plea and subsequent sentencing hearing is scheduled for the coming month, on May 28th, which might add another layer of complexity to the history of FTX while satisfying the victims of the bankruptcy case.
A Drive Down the Lane
The 32-year-old entrepreneur’s sentencing on March 28 marked a significant chapter in his downfall from a celebrated figure in the crypto community to a convicted fraudster.
While Judge Kaplan’s sentence was shorter than the prosecution’s recommendation, it still highlights the gravity of Bankman-Fried’s crimes and the repercussions of his actions on FTX customers and investors.
But what happens if Sam Bankman-Fried’s appeal is rejected?
Looking at the determination of the SBF’s legal team, if the appeal faces steep odds in persuading the Appellate court, it is highly likely that Bankman Fried and his legal team will potentially knock on the doors of the U.S. Supreme Court.
The point of appeal remains the same – alleged errors in the trial proceedings and deprivation of SBF’s legal rights.
