The 2nd U.S. Circuit Court of Appeals dismissed arguments that U.S. District Judge Lewis Kaplan unfairly restricted the defense from presenting evidence regarding the exchange's solvency. In a 42-page opinion, the panel characterized the government’s original case as robust, citing the testimony of former deputies who admitted to raiding customer funds to cover losses at Alameda Research.
Appeals Court Upholds Sam Bankman-Fried Conviction
A three-judge panel in Manhattan rejected Sam Bankman-Fried's appeal on Friday, affirming both his 2023 fraud conviction and 25-year prison sentence. The ruling concludes a significant challenge from the former billionaire, who sought to overturn the verdict linked to the multibillion-dollar collapse of his cryptocurrency exchange, FTX.
Bankman-Fried, once a dominant figure in the crypto sector, maintained throughout his trial that he never intended to steal client assets, framing the disaster as a series of management failures. However, prosecutors successfully argued that he orchestrated a massive fraud, siphoning $8 billion from users. Now held in a low-security facility near Santa Barbara, California, the former executive faces a lengthy incarceration with eligibility for release set for 2044.
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