Sam Bankman-Fried Appeals His Sentence

Lawyers for former FTX head Sam Bankman-Fried (SBF) have filed an appeal against the court’s decision that sentenced him to 25 years in prison.

The motion states that SBF intends to contest all seven charges of money laundering, fraud, and conspiracy. The court also ordered Bankman-Fried to pay a fine of $11 billion.

The notice was submitted nearly two weeks after the sentencing.

Earlier, lawyers requested that SBF remain in a Brooklyn detention center pending the appeal, rather than being transferred to a federal prison in the San Francisco Bay Area.

The case is likely to proceed to the Second Circuit Court of Appeals, according to Cointelegraph. It is expected to decide whether to uphold the conviction or overturn the decision, potentially paving the way for a new trial. 

In late February, lawyers for the former FTX head requested a sentence of 63 to 78 months for their client. The attorney described the proposed life sentence as excessively “grotesque.” 

The court received 29 letters in support of Bankman-Fried requesting leniency in his future sentencing, including from family members and a cellmate. 

Prosecutor Damian Williams advocated for a sentence of 40 to 50 years for SBF.

Back in May, the Southern District Court was set to sentence former CEO of FTX’s Bahamian division, Ryan Salame. 

In November 2022—two days before FTX filed for bankruptcy—Salame, who led the company’s Bahamian branch, alerted local authorities to potential fraud.

He became the fourth top executive to plead guilty. Previously, former Alameda Research head Caroline Ellison, FTX CTO Gary Wang, and the exchange’s engineering director Nishad Singh agreed to cooperate with the investigation.