Former FTX CEO Sam Bankman-Fried filed an appeal on Thursday after being found guilty on seven criminal counts involving fraud.
The former executive filed his notice of appeal to Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York. The appeal concerned both his conviction and sentence, according to court documents. Bankman-Fried's move to appeal was viewed by many legal experts as likely to happen.
Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and ordered to pay back up to $11 billion in investor and lender losses. At the sentencing, Kaplan asserted that Bankman-Fried had committed perjury during his trial and said he knew what he was doing was wrong. Bankman-Fried told the court during his sentencing that he had made "selfish decisions" while adding that customers' funds were lost in a "liquidity crisis" precipitated by FTX staff's mismanagement of users' accounts and the company's broader operations. Bankman-Fried was found guilty in November by a jury in New York of all seven criminal counts of defrauding the customers, lenders and investors of FTX.
Judge Kaplan recommended Bankman-Fried to serve time in a medium- or low-security prison near the California Bay Area, citing that his "association with vast wealth" and social skills may make him a target for aggression by fellow inmates. Lawyers for Bankman-Fried asked Judge Kaplan on Monday if their client could stay at the Metropolitan Detention Center in Brooklyn while his appeal process pans out. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Government looks to sell luxury jets connected to former FTX CEO Sam Bankman-FriedU.S. prosecutors want a court to allow it to sell two multi-million dollar jets connected to former FTX CEO Sam Bankman-Fried.
Read more »
Former FTX CEO Sam Bankman-Fried Admits to Bad Decisions in CollapseDisgraced former FTX CEO and Democrat mega donor Sam Bankman-Fried admits to making bad decisions in 2022, leading to the collapse of the digital currency exchange and loss of billions of dollars. He expresses remorse for the customers and investors affected.
Read more »
Disgraced former FTX CEO Sam Bankman-Fried sentenced to 25 years for financial fraudBankman-Fried, 32, of Stanford, California, was convicted last November of two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering.
Read more »
Disgraced former FTX CEO Sam Bankman-Fried sentenced to 25 years for financial fraudBankman-Fried, 32, of Stanford, California, was convicted last November of two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering.
Read more »
Disgraced former FTX CEO Sam Bankman-Fried sentenced to 25 years for financial fraudBankman-Fried, 32, of Stanford, California, was convicted last November of two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering.
Read more »
The New CEO of FTX Blasts Sam Bankman-Fried for Lying to Get Out of JailScience and Technology News and Videos
Read more »