Attorneys for Sam Bankman-Fried declare in an enchantment filed Friday that the imprisoned FTX founder was the sufferer of a rush to judgment by a public that wrongly believed he was responsible of stealing billions of {dollars} from his prospects and buyers earlier than he was even arrested.
The legal professionals filed papers with the 2nd U.S. Circuit Courtroom of Appeals asking a three-judge panel to reverse his conviction and assign the case to a brand new choose for a retrial, saying the trial choose “imposed a draconian quarter-century sentence on this first-time, non-violent offender” after they contend he hurried the jury into reaching a one-day verdict to cap off a fancy four-week trial.
“Sam Bankman-Fried was never presumed innocent. He was presumed guilty — before he was even charged. He was presumed guilty by the media. He was presumed guilty by the FTX debtor estate and its lawyers. He was presumed guilty by federal prosecutors eager for quick headlines. And he was presumed guilty by the judge who presided over his trial,” the legal professionals wrote.
They mentioned the passing of time has forged Bankman-Fried in a greater gentle.
“From day one, the prevailing narrative — initially spun by the lawyers who took over FTX, quickly adopted by their contacts at the U.S. Attorney’s Office — was that Bankman-Fried had stolen billions of dollars of customer funds, driven FTX to insolvency, and caused billions in losses,” the legal professional mentioned.
“Now, nearly two years later, a very different picture is emerging — one confirming FTX was never insolvent, and in fact had assets worth billions to repay its customers. But the jury at Bankman-Fried’s trial never got to see that picture,” they added.
Bankman-Fried, 32, was convicted final November of fraud and conspiracy a 12 months after his corporations collapsed out of business as buyers rushed to withdraw funds. A jury concluded that a few of their cash had been improperly spent on actual property, investments, movie star endorsements, political contributions and lavish life.
At its top, FTX was handled as a pioneer and darling within the rising cryptocurrency business, with a Tremendous Bowl commercial, testimony by Bankman-Fried earlier than Congress and endorsements from celebrities comparable to quarterback Tom Brady and comic Larry David.
Bankman-Fried was arrested in December 2022 following his extradition from the Bahamas, simply weeks after his firm filed for chapter and days after a few of his former prime executives started cooperating with federal prosecutors. A few of them testified in opposition to him at trial.
He initially remained below strict bail situations at his mother and father’ dwelling in Palo Alto, California, however Choose Lewis A. Kaplan in Manhattan revoked his bail shortly earlier than the trial after concluding that Bankman-Fried was attempting to affect possible witnesses, together with an ex-girlfriend who had served as chief govt at Alameda Analysis, a crypto hedge fund.
The fallen mogul is serving a 25-year sentence after he was sentenced in March in what a prosecutor as soon as described as one of many greatest monetary frauds in U.S. historical past.
A prosecutor’s spokesperson declined to remark Friday.
