Sam Bankman-Fried, the founder of FTX, made an appeal filing against his fraud and conspiracy conviction and sentence just prior to the deadline.
Amidst the current rise of FTT, FTX’s native token, experiencing a 15% growth, Bankman-Fried has made his latest move.
Appeals and Market Reaction
Last November, SBF faced legal consequences and was found guilty of seven charges, among which were deceiving FTX clients and swindling investors in Alameda Research. After a lengthy trial, his guilty verdict brought to light the downfall of his businesses, both of which had filed for bankruptcy the previous year.
Recently, a federal court handed down a sentence of 25 years in prison, followed by three years of supervision, and a massive $11 billion forfeit to Bankman-Fried. This case, according to prosecutors, represents one of the biggest financial frauds ever recorded.
A three-judge panel at New York’s 2nd Circuit Court of Appeals is set to examine Bankman-Fried’s appeal. Yet, overcoming this challenge looks difficult for him.
According to statistics, only about 1 in 10 federal criminal defendants are able to reverse their convictions on appeal. If the appeal is unsuccessful at the 2nd Circuit, Bankman-Fried’s final option would be to petition the US Supreme Court.
Simultaneously, as legal controversies swirl around FTX’s founder, the cryptocurrency market has shown a reaction. Specifically, the price of FTT surged by 15%, reaching $1.82. At present, FTT is being traded at $1.71, marking a 4% gain over the past day.
Concern Over SBF’s Future Conduct
At Sam Bankman-Fried’s trial, Judge Lewis Kaplan voiced worry over the possibility of Bankman-Fried repeating misdeeds in the future since he hadn’t demonstrated any regret for his past actions.
Kaplan labeled Bankman-Fried’s supposedly altruistic actions as insincere and referred to them as a “moves.” Regardless of being shorter than what prosecutors demanded but longer than what Bankman-Fried’s lawyers suggested, Kaplan believed it essential to pass this judgment to discourage similar wrongdoings in the future.
Bankman-Fried, diagnosed with autism, was court-ordered to serve time in a low or medium-security prison close to his parents in Northern California due to safety concerns linked to his condition. Yet, he has petitioned for accommodation at the Manhattan Detention Center during his appeal proceedings.
Some former colleagues and alleged co- conspirators of Bankman-Fried, who testified against them during the trial, are still awaiting their sentences for involvement in fraudulent actions.
In November 2022, Bankman-Fried was arrested in the Bahamas after FTX and Alameda declared bankruptcy. He is currently facing charges from federal prosecutors for allegedly taking customers’ and investors’ funds with deceitful intentions and providing false information regarding their intended usage.
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2024-04-12 13:36