Sam Bankman-Fried (SBF), co-founder of the collapsed crypto alternate FTX, has filed an attraction difficult his fraud conviction on Sept. 13, arguing that the trial was tainted by judicial bias and procedural errors.
The attraction, submitted to the Second Circuit Court docket of Appeals on Sept. 13, alleged unfairness in the course of the authorized proceedings that resulted in SBF’s 25-year-long jail sentence and requested a brand new trial.
SBF was convicted on a number of expenses in October 2023, together with fraud and conspiracy, for his position in FTX’s dramatic collapse within the earlier yr.
Presumed responsible
In March, US District Decide Lewis Kaplan sentenced him to 25 years in jail. SBF’s new authorized staff, led by legal professional Alexandra Shapiro, now argues that Kaplan’s dealing with of the case was biased and improperly influenced the end result.
Within the attraction, Shapiro claimed that Decide Kaplan made prejudicial remarks earlier than the jury, portraying SBF as responsible earlier than the trial’s conclusion. The protection additionally criticized the decide for limiting key protection arguments, together with proof associated to SBF’s investments that would have proven his efforts to stabilize the corporate.
Moreover, the attraction raised issues about procedural points, together with the declare that SBF was denied entry to exculpatory proof, often known as Brady materials, which might have supported his protection. His authorized staff contended that the federal government and the chapter property overseeing FTX’s dissolution labored too intently, limiting the protection’s potential to current a full case.
Reversing the conviction
On the coronary heart of SBF’s protection is his insistence that FTX’s monetary points weren’t as extreme as portrayed and that many shoppers might get well their funds by chapter proceedings. His authorized staff argued that the courtroom unfairly blocked this argument from being offered to the jury, creating what they described as an incomplete image of the corporate’s monetary state.
The attraction additionally highlighted testimony from a number of of SBF’s former associates, together with Caroline Ellison and Gary Wang, who cooperated with prosecutors after pleading responsible to fraud expenses. These testimonies have been central to the prosecution’s case in opposition to the FTX founder.
SBF’s protection had initially sought a decreased sentence, arguing that he had no prison intent and that FTX’s collapse was attributable to market situations and mismanagement, not deliberate fraud. Nonetheless, his newest attraction seeks to reverse the conviction completely, with a brand new trial because the objective.
Because the attraction course of begins, SBF stays in custody, persevering with to serve his sentence. The result of the attraction might have important implications for his future, in addition to the broader fallout from FTX’s collapse, which stays a pivotal second within the crypto trade’s historical past.
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