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Cryptocurrency News Articles
Sam Bankman-Fried Appeals Conviction, Citing Unfair Trial
Sep 14, 2024 at 11:21 pm
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has filed an appeal, arguing that his trial was unfair and biased.
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is appealing his conviction, arguing that the trial was unfair and biased.
The appeal, filed on Friday, raises concerns about the conduct of Judge Lewis A. Kaplan, who oversaw the case. Bankman-Fried's attorneys are asking for a new trial before a different judge, claiming the previous one did not handle the case impartially.
Bankman-Fried was convicted in March on multiple charges, including fraud, conspiracy, and money laundering. The charges stemmed from his role in orchestrating a scheme to defraud FTX customers, resulting in the loss of $8 billion. Judge Kaplan sentenced him to 25 years in prison.
The appeal claims that the court prevented Bankman-Fried from presenting evidence that FTX and its sister firm, Alameda Research, were solvency while allowing prosecutors to focus on customer losses.
Bankman-Fried's legal team is also arguing that the judge showed bias against him throughout the trial. They cite several instances where they believe Judge Kaplan displayed hostility toward Bankman-Fried and favored the prosecution.
At the same time, Caroline Ellison, Bankman-Fried's former girlfriend and colleague at Alameda, has asked the court to spare her from prison. Ellison pleaded guilty, cooperated with prosecutors, and was a key witness against Bankman-Fried. Her testimony, along with that of other former FTX employees, played a significant role in his conviction.
Ellison's sentencing is scheduled for September 24. Her attorneys are arguing that she should receive probation or house arrest due to her substantial cooperation with the government. They also claim that she was under Bankman-Fried's influence and did not fully understand the consequences of her actions.
Bankman-Fried's appeal will now be considered by the 2nd U.S. Circuit Court of Appeals in New York City. The court will decide whether to uphold the lower court's verdict or grant Bankman-Fried a new trial.
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