Current:Home > ContactSam Bankman-Fried’s lawyers claim in an appeal that he was judged too quickly -FundGuru
Sam Bankman-Fried’s lawyers claim in an appeal that he was judged too quickly
View
Date:2025-04-11 23:38:22
NEW YORK (AP) — Lawyers for Sam Bankman-Fried claim in an appeal filed Friday that the imprisoned FTX founder was the victim of a rush to judgment by a public that wrongly believed he was guilty of stealing billions of dollars from his customers and investors before he was even arrested.
The lawyers filed papers with the 2nd U.S. Circuit Court of Appeals asking a three-judge panel to reverse his conviction and assign the case to a new judge for a retrial, saying the trial judge “imposed a draconian quarter-century sentence on this first-time, non-violent offender” after they contend he hurried the jury into reaching a one-day verdict to cap off a complex four-week trial.
“Sam Bankman-Fried was never presumed innocent. He was presumed guilty — before he was even charged. He was presumed guilty by the media. He was presumed guilty by the FTX debtor estate and its lawyers. He was presumed guilty by federal prosecutors eager for quick headlines. And he was presumed guilty by the judge who presided over his trial,” the lawyers wrote.
They said the passing of time has cast Bankman-Fried in a better light.
“From day one, the prevailing narrative — initially spun by the lawyers who took over FTX, quickly adopted by their contacts at the U.S. Attorney’s Office — was that Bankman-Fried had stolen billions of dollars of customer funds, driven FTX to insolvency, and caused billions in losses,” the attorney said.
“Now, nearly two years later, a very different picture is emerging — one confirming FTX was never insolvent, and in fact had assets worth billions to repay its customers. But the jury at Bankman-Fried’s trial never got to see that picture,” they added.
Bankman-Fried, 32, was convicted last November of fraud and conspiracy a year after his companies collapsed into bankruptcy as investors rushed to withdraw funds. A jury concluded that some of their money had been improperly spent on real estate, investments, celebrity endorsements, political contributions and lavish lifestyles.
At its height, FTX was treated as a pioneer and darling in the emerging cryptocurrency industry, with a Super Bowl advertisement, testimony by Bankman-Fried before Congress and endorsements from celebrities such as quarterback Tom Brady and comedian Larry David.
Bankman-Fried was arrested in December 2022 following his extradition from the Bahamas, just weeks after his company filed for bankruptcy and days after some of his former top executives began cooperating with federal prosecutors. Some of them testified against him at trial.
He initially remained under strict bail conditions at his parents’ home in Palo Alto, California, but Judge Lewis A. Kaplan in Manhattan revoked his bail shortly before the trial after concluding that Bankman-Fried was trying to influence likely witnesses, including an ex-girlfriend who had served as chief executive at Alameda Research, a crypto hedge fund.
The fallen mogul is serving a 25-year sentence after he was sentenced in March in what a prosecutor once described as one of the biggest financial frauds in U.S. history.
A prosecutor’s spokesperson declined to comment Friday.
veryGood! (56284)
Related
- US wholesale inflation accelerated in November in sign that some price pressures remain elevated
- Eva Longoria calls US 'dystopian' under Trump, has moved with husband and son
- Martin Scorsese on faith in filmmaking, ‘The Saints’ and what his next movie might be
- Diamond Sports Group can emerge out of bankruptcy after having reorganization plan approved
- Highlights from Trump’s interview with Time magazine
- 'America's flagship' SS United States has departure from Philadelphia to Florida delayed
- Mean Girls’ Lacey Chabert Details “Full Circle” Reunion With Lindsay Lohan and Amanda Seyfried
- Two 'incredibly rare' sea serpents seen in Southern California waters months apart
- Louvre will undergo expansion and restoration project, Macron says
- 'Red One' review: Dwayne Johnson, Chris Evans embark on a joyless search for Santa
Ranking
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Shel Talmy, produced hits by The Who, The Kinks and other 1960s British bands, dead at 87
- Reese Witherspoon's Daughter Ava Phillippe Introduces Adorable New Family Member
- Pete Alonso's best free agent fits: Will Mets bring back Polar Bear?
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- US wholesale inflation picks up slightly in sign that some price pressures remain elevated
- The Fate of Hoda Kotb and Jenna Bush Hager's Today Fourth Hour Revealed
- Jax Taylor Breaks Silence on Brittany Cartwright Dating His Friend Amid Their Divorce
Recommendation
'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
Mason Bates’ Met-bound opera ‘Kavalier & Clay’ based on Michael Chabon novel premieres in Indiana
FBI raids New York City apartment of Polymarket CEO Shayne Coplan, reports say
Could trad wives, influencers have sparked the red wave among female voters?
The White House is cracking down on overdraft fees
Outgoing North Carolina governor grants 2 pardons, 6 commutations
Martin Scorsese on faith in filmmaking, ‘The Saints’ and what his next movie might be
What Just Happened to the Idea of Progress?