FTX founder Sam Bankman-Fried filed to enchantment his conviction and sentence for fraud and conspiracy prices on Thursday, hours earlier than his deadline to take action.
Bankman-Fried was convicted final November after a month-long trial on seven completely different prices, together with fraud in opposition to FTX clients and Alameda Analysis buyers. His corporations filed for chapter the 12 months prior.
Earlier this month, Bankman-Fried was sentenced to 25 years in federal jail for his position within the collapse of the alternate, together with 3 years of supervised launch and $11 billion in forfeiture.
New York District Court docket Choose Lewis Kaplan stated Bankman-Fried was not remorseful for his crimes, and known as his altruistic persona an “act.” Kaplan stated that the sentence – which was a lot decrease than the 40-50 12 months sentence requested by federal prosecutors however increased than the 6.5 12 months sentence Bankman-Fried’s authorized group prompt – was mandatory with a view to guarantee Bankman-Fried was unable to commit comparable crimes sooner or later.
Although Kaplan ordered Bankman-Fried be remanded to a low or medium-security jail close to his dad and mom in Northern California, citing his autism as a threat issue for him in a most safety facility, Bankman-Fried has surprisingly requested to be saved within the infamous Manhattan Detention Middle throughout his enchantment course of.
Bankman-Fried’s former colleagues and co-conspirators – a number of of whom turned over proof on him and testified at his trial – have but to be sentenced for his or her roles within the fraud.
Bankman-Fried was arrested within the Bahamas in November 2022, shortly after FTX and Alameda – alongside associates worldwide – filed for chapter, following the publication of a CoinDesk article revealing oddities in its stability sheet.
Federal prosecutors stated he intentionally stole buyer and investor funds, and lied about what the funds would go towards, throughout his trial final October.
UPDATE (April 11, 2024, 16:36 UTC): Provides extra element.Learn all of CoinDesk’s protection right here.