Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence

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Defense lawyer Marc Mukasey had announced plans for the appeal to the Manhattan-based 2nd US Circuit Court of Appeals during Bankman-Fried’s March 28 sentencing hearing. The 32-year-old former billionaire crypto wunderkind was convicted in November on seven counts of fraud and conspiracy in what federal prosecutors have called one of the biggest financial frauds in US history.

Bankman-Fried’s sentencing put an exclamation point on his downfall from an entrepreneur whose meteoric rise prompted adulation, reverence and jealousy from some quarters into the biggest trophy for US prosecutors in their crackdown on excesses in the cryptocurrency markets. His wealth evaporated when Bahamas-based FTX declared bankruptcy on Nov. 11, 2022, following a wave of withdrawals by customers panicking over reports that Bankman-Fried commingled their assets with Alameda Research, a crypto-focused hedge fund he also controlled.‘Bad decisions’

“I made a series of bad decisions,” Bankman-Fried said at his sentencing hearing. “They weren’t selfish decisions. They weren’t selfless decisions. They were bad decisions.” “He was viewing the cost of getting caught, discounted by probability or improbability, against the gain of getting away without getting caught, given the probabilities. That was the game,” Kaplan said of Bankman-Fried.

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