“Presumed Responsible by the Decide”: FTX Founder Sam Bankman-Fried Appeals $8B Fraud Conviction

Sam Bankman-Fried, the previous crypto billionaire who was convicted of fraud and sentenced to 25 years in jail, has formally appealed his conviction and requested a brand new trial. Within the 102-page enchantment, the authorized representatives of the FTX founder accused Decide Lewis Kaplan of being unfairly biased within the earlier trial.

A Biased Decide?

Bankman-Fried, the previous crypto billionaire who as soon as made important political donations, was convicted on seven counts of fraud and conspiracy to commit fraud by a New York jury final November for his fraudulent enterprise practices with the now-collapsed FTX and its associates. The conviction was adopted by a 25-year prison sentence in March by US District Decide Lewis Kaplan of the Southern District of New York (SDNY).

At the moment, the prosecutors sought a a lot heftier jail sentence, between 40 and 50 years, whereas the defence legal professionals requested for a lighter sentence of 6.5 years. Notably, the 32-year-old crypto trade founder maintained his innocence all through.

“Sam Bankman-Fried was by no means presumed harmless,” the submitting yesterday (Friday), submitted by his lawyer Alexandra Shapiro within the Second Circuit Courtroom of Appeals, famous. “He was presumed responsible by the decide who presided over his trial.”

Sam Bankman-Fried simply filed his enchantment temporary for his prison conviction.It is 100 pages lengthy. Let’s have a look. pic.twitter.com/dlACBjft50

— Jacob Shamsian ⚖️ (@JayShams) September 13, 2024

Shapiro is the brand new authorized consultant of Bankman-Fried, taking on the case from trial legal professionals Mark Cohen and Christian Everdell after the conviction.

FTX Clients Didn’t Lose Cash

Bankman-Fried was convicted for shady enterprise practices primarily involving FTX and its sister entity, Alameda Analysis. He was additionally convicted for misappropriating $eight billion in buyer funds.

FTX and its associates are presently managed by chapter directors, who just lately put forth a plan to refund the collectors in extra of their authentic claims.

Within the newest submitting, the defence legal professionals argued that within the earlier trial, Decide Kaplan blocked Bankman-Fried from claiming to the jury that FTX prospects didn’t truly lose cash, as they’d get it again by the chapter proceedings.

“The federal government thus introduced a false narrative that FTX’s prospects, lenders, and buyers had completely misplaced their cash,” the submitting said. “The jury was solely allowed to see half the image.”

The defence legal professionals additionally accused the prosecutors of working extra intently with the chapter property than allowed, and blocking the defence within the earlier trial from accessing proof.

“The district court docket summarily refused to order discovery, or perhaps a listening to, to find out whether or not the Debtors and their counsel had been an ‘arm of the prosecution’,” the submitting added.

Curiously, different prime associates of Bankman-Fried, together with Caroline Ellison, Nishad Singh, Gary Wang, and Ryan Salame, pled responsible to civil and prison prices, and labored with the prosecutors in constructing the case in opposition to the FTX founder, even testifying in opposition to him in court docket. In Might, Salame was sentenced to 75 years in jail, whereas the sentencing for Ellison has been set for later this month. The sentencing of Singh and Wang has additionally been scheduled for October 30 and November 20, respectively.

This text was written by Arnab Shome at www.financemagnates.com.

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