Sam Bankman-Fried appeals fraud conviction from prison

Sam Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX, was convicted of fraud, conspiracy, and money laundering in November 2022. Federal prosecutors accused him of orchestrating a scheme that led to the collapse of FTX and the misappropriation of $8 billion in customer funds. Following his conviction, he was sentenced to 25 years in prison, a term his defense team described as excessively harsh. In a recent appeal filed with a federal appeals court, Bankman-Fried's attorneys argued that the trial was fundamentally flawed due to a 'false narrative' presented by the prosecution. They claimed that the trial was marred by significant errors and that the principles of a fair trial were compromised, as public opinion had already presumed him guilty before the trial even began. The defense criticized the trial judge, Lewis Kaplan, and the U.S. Attorney's Office for the Southern District of New York, alleging a lack of objectivity. They contended that the media, the FTX debtor estate, and federal prosecutors all contributed to a rush to judgment against Bankman-Fried, undermining his right to a fair trial. As part of the appeal, the defense is seeking a reversal of the conviction and a new trial before a different judge. Meanwhile, Caroline Ellison, the former CEO of Alameda Research and a key witness for the prosecution, is scheduled to be sentenced for her involvement in the fraud later this month.