Former FTX chief executive Sam Bankman-Fried was convicted in November 2023, in what federal prosecutors have called one of the biggest financial frauds in US history. PHOTO: REUTERSNEW YORK — Sam Bankman-Fried, facing the prospect of spending much of his adult life behind bars, on April 11 appealed his conviction and 25-year prison sentence for stealing US$8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
Bankman-Fried's appeal could take years. He faces steep odds, with his lawyers needing to persuade the 2nd Circuit — and potentially the US Supreme Court — that US District Judge Lewis Kaplan made significant errors that deprived Bankman-Fried of his legal rights and made the trial unfair. The Massachusetts Institute of Technology graduate rode a boom in the values of bitcoin and other digital assets to a US$26 billion net worth before he turned 30, Forbes magazine estimated.
Bankman-Fried testified in his own defence, acknowledging he made mistakes managing risk but denying he stole money. "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," Judge Kaplan said of Bankman-Fried.
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