Connect with us

Hi, what are you looking for?

Business

Sam Bankman-Fried appeals fraud conviction, 25-year jail term

Fallen crypto wunderkind Sam Bankman-Fried has formally appealed his conviction and sentence
Fallen crypto wunderkind Sam Bankman-Fried has formally appealed his conviction and sentence - Copyright AFP/File TIMOTHY A. CLARY
Fallen crypto wunderkind Sam Bankman-Fried has formally appealed his conviction and sentence - Copyright AFP/File TIMOTHY A. CLARY

Fallen cryptocurrency wunderkind Sam Bankman-Fried has appealed his federal conviction and 25-year jail sentence in a sweeping fraud case, according to a legal filing made public Thursday.

News of the appeal comes two weeks after US District Court Judge Lewis Kaplan set the prison term and ordered Bankman-Fried, known as “SBF,” to pay $11 billion in forfeiture.

Bankman-Fried had soared to the top of the crypto world, becoming a billionaire before age 30 and turning FTX, a small start-up he cofounded in 2019, into the world’s second largest exchange platform.

But in November 2022, Bankman-Fried’s breakneck rise came crashing down, with a deluge of customer withdrawals and revelations that billions of dollars had been illegally moved from FTX to Bankman-Fried’s personal hedge fund, Alameda Research.

He was convicted by a federal jury in New York in November 2023 on seven counts of fraud, embezzlement and criminal conspiracy. 

During last month’s sentencing hearing, Bankman-Fried expressed regret about the firm’s demise, which also affected many colleagues.

“It haunts me every day,” he said. “I made a series of bad decisions.”

But the judge said Bankman-Fried had not fully accepted responsibility.

Bankman-Fried said “mistakes were made, but never a word of remorse for the commission of a terrible crime,” said Kaplan, who characterized the violations as “brazen” and called out SBF for his “exceptional flexibility” towards the truth.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

Tech & Science

The social network formerly known as Twitter has fully migrated over to X.com, owner Elon Musk said on Friday.

Life

Staying in a campervan is reasonably cost-effective way in this country.

Business

Spotify has been sued in New York for allegedly underpaying royalties - Copyright AFP/File Lionel BONAVENTUREMusic streaming giant Spotify has been sued in a...

Entertainment

Stockholm on Friday welcomed Taylor Swift for the second leg of her European Eras Tour that has boosted the city's economy.