FTX CEO Samuel Bankman-Fried files appeal against conviction for fraud, conspiracy
Date
9/15/2024 9:27:58 AM
(MENAFN) Samuel Bankman-Fried, the founder and former CEO of FTX, has recently filed an appeal against his conviction for fraud and conspiracy, which resulted in a 25-year prison sentence. This conviction stemmed from the collapse of his cryptocurrency exchange platform and its associated hedge fund, Alameda Research. In his appeal, Bankman-Fried's legal team argues that he was unjustly presumed guilty at various stages of the legal process. They assert that federal prosecutors, the trial judge, the media, and even the FTX debtor estate and its lawyers had already determined his guilt before he was formally charged or tried.
Bankman-Fried, who is now 32 years old, faced a multitude of charges related to the downfall of FTX, which was once the world's third-largest crypto trading platform by daily trading volume. The case also involved issues related to the trading accounts of Alameda Research, which was closely linked to FTX. Last November, a jury in New York found him guilty on all seven counts brought against him, leading to a significant forfeiture order of USD11.2 billion imposed by Judge Lewis Kaplan.
In August, FTX and its hedge fund, Alameda Research, reached a settlement with the US Commodity Futures Trading Commission (CFTC) amounting to USD12.7 billion. This settlement was part of the broader legal and financial repercussions following the collapse of the cryptocurrency exchange and its affiliated hedge fund.
The appeal seeks to challenge the fairness of the trial process and the assumptions of guilt that Bankman-Fried's legal team claims influenced the proceedings. As the appeal moves forward, it will scrutinize whether these factors compromised the integrity of the trial and the ultimate conviction.
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