Former FTX CEO Sam Bankman-Fried challenged his 25-year sentence following his five-week trial late last year.
According to the New York Times, Bankman-Fried appealed A court of November 2023 decision which found the founder of FTX guilty of defrauding investors out of more than $8 billion.
Her new attorney, Alexandra A.E. Shapiro, argued that Judge Kaplan, the presiding judge, presumed Bankman-Fried was guilty from the start. The 102-page brief requested a new trial, alleging that Judge Kaplan had impeded Bankman-Fried’s defense and limited the evidence.
Bankman-Fried, a former cryptocurrency mogul and billionaire, has been serving a 25-year sentence in federal prison since last year.
Since his trial in Manhattan, the former FTX chief executive has maintained a semblance of innocence, insisting he never intended to siphon off billions in customer funds or conceal the firm’s financial health from investors and regulators.
Other FTX executives who signed plea deals, such as former Alameda CEO Caroline Ellison and Ryan Salame, also face prison terms. Ellison’s lawyers pushed for supervised release while Salame fought with Justice Department prosecutors over campaign finance investigations into his partner.
Nearly two years after the collapse of FTX, related litigation is moving forward on multiple fronts. The defunct exchange, its sister company Alameda, and the Commodity Futures Trading Commission are all facing charges. reached a $12.7 billion settlement agreement approved by the court last month.
The Securities and Exchange Commission also indicated that it could contest FTX plans to repay creditors using stablecoins in its bankruptcy proceedings.
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