FTX founder Sam Bankman-Fried appealed his 25-year prison sentence and fraud conviction Thursday, two weeks after the disgraced cryptocurrency mogul received his sentence, which included an order to pay $11 billion in forfeiture for his fraudulent schemes.
Bankman-Fried was sentenced in late March. (Photo by Michael M. Santiago/Getty Images)
Key Facts
The appeal, which cost Bankman-Fried $605 to file, could take years and will have to convince the court that U.S. District Judge Lewis Kaplan made errors in his judgment that deprived Bankman-Fried of his legal rights, Reuters reported.
The appeal comes days after the former crypto executive requested he be allowed to remain detained in New York as opposed to California so he could be located near his appeal lawyers.
It is not clear how Bankman-Fried’s attorneys will argue in his defense, though they argued during his trial that his since-dissolved cryptocurrency firm FTX collapsed through no fault of his own.
Bankman-Fried’s attorney did not immediately respond to Forbes’ request for comment.
Big Number
50 years. That was the maximum sentence sought by prosecutors prior to Bankman-Fried’s conviction. Prosecutors cited the “scope, duration, nature and sheer number of Bankman-Fried’s crimes” and argued that each of the seven counts were “worthy of a lengthy sentence.”
Key Background
Bankman-Fried was found guilty of seven counts of fraud and conspiracy last November before his 25-year sentencing last month. The sentence also requires him to forfeit $11 billion for fraudulent schemes that misappropriated billions of dollars from FTX customers and defrauded both FTX investors and lenders to Alameda Research, FTX’s sister trading firm. Bankman-Fried, who will also be subject to three years of supervised release, testified in his own defense, arguing he could not recall key conversations relevant to his trial and rambling during his testimony.
This article was first published on forbes.com and all figures are in USD.
