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Bankman-Fried faces huge obstacles to overturning his conviction stemming from the collapse of his cryptocurrency trade.
FTX founder Sam Bankman-Fried has appealed in opposition to his conviction and 25-year jail sentence for stealing billions of {dollars} from clients of his shuttered cryptocurrency trade.
Bankman-Fried was convicted in November of seven counts of fraud and conspiracy in what US authorities described as one of many largest monetary frauds in US historical past.
Earlier than the collapse of FTX speculators in 2022 amid huge withdrawals of shoppers, the 32-year-old former billionaire was the poster boy of cryptocurrency, gracing journal covers and having fun with audiences with lawmakers.
Bankman-Freed's lawyer, Mark Mukasey, introduced his intention to enchantment the decision and sentence throughout the sentencing listening to on March 28.
Throughout her sentencing listening to, Bankman-Fried expressed remorse over her dealing with of FTX, saying she was “sorry for what occurred at each stage”.
“It bothers me daily,” he mentioned. “I made a variety of unhealthy choices.”
US District Court docket Choose Lewis Kaplan mentioned that Bankman-Fried had not proven real regret or absolutely accepted accountability and that “there’s a danger that this particular person shall be ready to do one thing very unhealthy sooner or later”.
Prosecutors had requested for a jail sentence of 40–50 years, whereas Bankman-Fried's attorneys requested the decide to impose a six-year sentence.
Bankman-Freed's enchantment may take years and would require convincing the excessive court docket that Kaplan made important errors throughout the trial that violated his authorized rights.
US federal courts hardly ever aspect with felony defendants trying to overturn decrease court docket rulings, and grant lower than 10 % of appeals.