Sam Bankman-Fried, the Founder and former CEO of the collapsed cryptocurrency exchange FTX, has lodged an appeal against his conviction and sentencing for conspiracy and fraud. The appeal was submitted in court last Thursday, just hours before the deadline.
Previously, the judge had directed Bankman-Fried to be detained in a low or medium-security prison in Northern California, citing concerns for his safety at a maximum-security facility due to his autism. Intriguingly, Bankman-Fried had previously requested to be housed in the notorious Manhattan Detention Center during his trial and while awaiting sentencing. Prior to this, he had been incarcerated at the Metropolitan Detention Center in Brooklyn.
The appeal comes on the heels of a US court sentencing him to 25 years in prison, along with three years of supervised release, and a forfeiture of $11 billion.
Bankman-Fried, once hailed as a cryptocurrency luminary for his altruistic vision and distinctive T-shirt and shorts attire, rose to prominence as one of the youngest self-made billionaires through his FTX venture. However, his empire crumbled overnight following revelations of questionable business practices.
Read more: Forex News Online
Following a widely publicized trial, Bankman-Fried was convicted last November on multiple counts, including wire fraud, conspiracy to commit wire fraud, and money laundering. While the maximum potential prison term for all convictions amounted to 115 years, prosecutors sought a sentence of 40 to 50 years. Bankman-Fried’s legal team had requested a term of six-and-a-half years, but the court ultimately handed down a 25-year sentence.
Throughout the trial, several close associates of Bankman-Fried testified against him, having pleaded guilty to their involvement in FTX’s dubious operations and currently awaiting sentencing.
