FTX’s kingpin, Sam Bankman-Fried, or SBF, is currently pursuing a potential appeal, as revealed by his legal team. The decision to forgo post-trial motions, as legal experts suggest, hints at the likelihood of an appeal. This aligns seamlessly with the staunch assertion of SBF’s innocence by lead attorney Mark Cohen, who vows to “continue to vigorously fight the charges against him.”
In a letter dated December 1 to Judge Lewis Kaplan, Bankman-Fried’s legal representatives conveyed their decision not to file any post-trial motions. However, they made it clear that they reserve the right to pursue any claims through an appeal. This strategic move by the legal team emphasizes their commitment to challenging the charges against SBF through the appellate process.
Before this development, Bankman-Fried’s legal team had filed a bail plea, seeking his release. Unfortunately, Magistrate Joyann Ferguson Pratt denied the plea, citing concerns that the former crypto mogul posed a potential flight risk. His next hearing is scheduled for February 8, 2024.
The downfall of the once-respected billionaire unfolded dramatically with the catastrophic collapse of his digital asset exchange. The repercussions of this event reverberated through the volatile crypto market, culminating in SBF’s conviction in November. The high-stakes courtroom saga, capturing the attention of financial markets and the crypto community alike, concluded definitively with the former FTX founder being found guilty of orchestrating one of the most substantial financial fraud schemes in US history.
SBF Faces 7 Counts Of Fraud & Conspiracy
During the month-long trial, Bankman-Fried faced seven counts of fraud and conspiracy. Prosecutors argued that he had misappropriated a staggering $8 billion from his cryptocurrency exchange’s customers for personal gain, attributing greed as the primary motivator. The jury, consisting of 12 members in Manhattan federal court, delivered the verdict, exposing SBF to a potential maximum sentence of 5 to 20 years in prison for each count.
The charges encompassed wire fraud, a wire fraud conspiracy, and a money laundering conspiracy. Furthermore, sentencing for Sam Bankman-Fried is scheduled for March 28, 2024, marking a crucial milestone in this high-profile legal battle that has sent shockwaves through the cryptocurrency and financial realms.