Sam Bankman-Fried appeals his 25-year sentence for fraud and conspiracy in the wake of FTX's collapse, a move that adds another chapter to this high-profile case.
Former FTX CEO Sam Bankman-Fried has filed an appeal against his conviction and sentence for fraud and conspiracy charges. Bankman-Fried was convicted last November after a month-long trial that resulted in seven charges, including defrauding FTX customers and Alameda Research investors. His conviction followed the bankruptcy of his companies a year earlier.
On April 11, Sam Bankman-Fried, through his attorney Alexandra Shapiro, submitted the necessary paperwork to appeal his 25-year federal prison sentence handed down by New York District Court Judge Lewis Kaplan. The appeal was filed just hours before the deadline. Earlier this month, Judge Kaplan sentenced Bankman-Fried to 25 years in prison, plus three years of supervised release and $11 billion in forfeiture. Kaplan remarked on the lack of remorse shown by Bankman-Fried and dismissed his altruistic public image as an "act."
Despite being ordered to serve his sentence in a low or medium-security prison closer to his family in Northern California, Bankman-Fried has expressed a preference to stay at the Manhattan Detention Center during his appeal. His request is pending approval by Judge Kaplan.
Bankman-Fried's former colleagues and co-conspirators, who provided evidence and testified against him, are still awaiting sentencing for their involvement in the fraud. The arrest of Bankman-Fried took place in the Bahamas in November 2022 after FTX and Alameda, along with their worldwide affiliates, filed for bankruptcy. This occurred subsequent to revelations of discrepancies in FTX's balance sheet.
The appeal by Bankman-Fried will be reviewed by the Second Circuit Court of Appeals, where a panel of judges will determine whether to uphold the federal court's decision or potentially reverse it, paving the way for a new trial. Details of the grounds for the appeal have not been disclosed by Shapiro.
Meanwhile, sentencing for Bankman-Fried's associates is progressing, with Ryan Salame's sentencing scheduled for May 28. Four individuals, including Salame, Caroline Ellison, Gary Wang, and Nishad Singh, have all pleaded guilty and made deals prior to Bankman-Fried's trial.
