Original CNBC article, LA News Center:
**Contesting the Verdict**
Sam Bankman-Fried, the disgraced founder of the collapsed cryptocurrency exchange FTX, has filed an appeal against his recent conviction and 25-year prison sentence for orchestrating one of the most extensive financial frauds in history.
Bankman-Fried’s appeal, submitted just two weeks after he was sentenced in Manhattan’s U.S. District Court, contends that his conviction and sentence constitute legal errors. He also faces a hefty billion forfeiture order for the massive scam that victimized countless investors.
**An Uphill Battle**
Criminal defendants seeking to overturn their federal court convictions face daunting odds, with reversal rates hovering around 10%. Should Bankman-Fried’s appeal fail at the 2nd Circuit U.S. Court of Appeals, his only remaining recourse will be to petition the U.S. Supreme Court for review—an even less likely possibility.
Alexandra Shapiro, Bankman-Fried’s appellate attorney, declined immediate comment.
**The Jury’s Verdict**
In November, a jury found Bankman-Fried, 32, guilty of seven counts of fraud and conspiracy related to misappropriating around billion in customer funds. Prosecutors presented a compelling case, alleging that Bankman-Fried oversaw a predatory scheme that used customer assets for questionable investments, lavish personal expenses, and political donations to both Democrats and Republicans.
**The Judge’s Concerns**
At Bankman-Fried’s sentencing, Judge Lewis Kaplan expressed his profound reservations about the defendant’s future behavior. “There is a genuine risk that this man will repeat his malicious actions,” Kaplan said, noting that he had witnessed no remorse from Bankman-Fried for his “terrible crimes.”
**Bankman-Fried’s Defense**
Despite the charges, Bankman-Fried maintains that the loss of billions of dollars in customer funds was due to a “liquidity crisis” or “mismanagement.” This defense has failed to convince the jury or the judge, who have rejected it as a feeble attempt to deflect responsibility.
**Other FTX Executives**
Apart from Bankman-Fried, other senior FTX and Alameda Research executives have also pleaded guilty to their roles in the scandal. Ryan Salame, a former high-ranking official, is scheduled for sentencing on May 28. Sentencing dates remain uncertain for Caroline Ellison (CEO of Alameda), Gary Wang (FTX technology chief), and Nishad Singh (FTX engineering boss).
Data sourced from: cnbc.com
