pwshub.com

Sam Bankman-Fried files appeal in fraud, conspiracy case

FTX founder Sam Bankman-Fried filed an appeal Friday afternoon to overturn his fraud and conspiracy conviction. 

His attorneys argue in the 102-page filing that presiding Judge Lewis Kaplan’s rulings prevented Bankman-Fried from contributing to his defense and deprived him of a fair trial.

“Fair trial principles were swept away in a ‘Sentence first-verdict afterwards’ tsunami, as everyone rushed to judgment following FTX’s collapse,” Alexandra Shapiro, who joined Bankman-Fried’s defense team after his conviction, wrote. “Sam Bankman-Fried was never presumed innocent. He was presumed guilty — before he was even charged.” 

Read more from our opinion section: ‘Cryptomania’ reveals the true cost of SBF’s charitable facade

Because the court ruled that Bankman-Fried’s intent to steal the funds was “immaterial,” Shapiro added, the defense was unable to present “evidence that FTX and Alameda” were “solvent.” 

“But whether evidence was ‘material’ apparently depended on who was offering it, because the district court simultaneously allowed the government to offer evidence of loss,” Shapiro wrote. “The government thus presented a false narrative that FTX’s customers, lenders, and investors had permanently lost their money.”

These limitations on evidence resulted in the jury only seeing “half the picture,” Shapiro added. 

Bankman-Fried, who was convicted last fall for his role in FTX’s collapse, is currently serving a 25-year sentence in prison. He initially indicated his intention to appeal the conviction in April. 

The filing comes as Bankman-Fried’s former romantic and business partner Caroline Ellison — who testified as a government witness during the trial last fall — is scheduled to be sentenced this month. 

Ellison’s attorneys this week asked the court for no prison time, citing her “extraordinary cooperation” with prosecutors during and ahead of Bankman-Fried’s trial. Ellison’s role in the crimes was a result of her “warped” moral sense due to Bankman-Fried’s influence. 

“Bankman-Fried convinced her to stay, telling her she was essential to the survival of the business, and that he loved her,” her attorneys wrote in their sentencing memo. 

At the same time, the memo adds, Bankman-Fried was “perversely demonstrating that he considered her not good enough to be seen in public with him at high-profile events.” 

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags
  • FTX
  • Sam Bankman-Fried
  • SBF trial

Source: blockworks.co

Related stories
5 days ago - Bankman-Fried's appeal could spotlight judicial conduct and fairness in high-profile financial crime cases, potentially influencing future trials. The post Sam Bankman-Fried appeals fraud conviction, alleges judicial bias appeared first...
5 days ago - FTX co-founder and former CEO Sam Bankman-Fried appealed his fraud conviction on Friday, arguing that he received an unfair trial.
1 day ago - FTX's former auditor Prager Metis reached a settlement agreement with the SEC over failures in its review of the collapsed crypto exchange.
5 days ago - Bitcoin jumped back over $60,000 per coin at the end of the week after largely trading lower than that level for most of September.
2 days ago - AI may boost the power of trading bots so that gains are easier to come by, or even design and code memecoins that make us all stinking rich.
Other stories
11 minutes ago - Tether's investment in Sorted Wallet could significantly enhance financial inclusion and economic empowerment in underserved regions. The post Tether invests $1.5 million in Sorted Wallet to boost financial access in emerging markets...
47 minutes ago - After launching a Bitcoin yield ETP, Core wants to bring a similar product to the U.S. "as soon as regulatory frameworks allow it.”
1 hour ago - Dogecoin could be gearing up for another major surge in price as the meme coin’s chart shows the formation of a major pattern. The Golden Cross pattern is a major bullish formation on a chart that usually precedes a notable rally for...
1 hour ago - Bybit's support for Ethereum's Attackathon underscores the growing emphasis on security and innovation in the crypto industry. The post Bybit backs Ethereum’s first Attackathon with 75 ETH commitment appeared first on Crypto Briefing.
1 hour ago - The arrests and asset freezes highlight the growing effectiveness of international cooperation in combating sophisticated crypto crimes. The post Massive $243 million crypto heist ends with multiple arrests and asset frozen appeared first...