Following the court ruling on the Sam Bankman Fried case, the defence lawyers plan to challenge Judge Lewis Kaplan’s decision. On Thursday, April 11, the legal team representing SBF filed an appeal notice seeking to challenge their client’s conviction on seven charges.
Also, the defence team will appeal the 25-year sentencing of SBF. The filing was submitted by the renowned attorney Alexandra Shapiro at the US Southern District Court.
Legal Team Representing Former FTX Boss Seeks to Appeal
Shapiro lodged his filing weeks after Judge Kaplan ordered Bankman Fried to be arrested for 25 years. During the sentencing, SBF confessed that his contribution to the collapse of FTX was based on his selfish decision.
Also, he lamented that a measurable amount of customers’ funds emanated from the FTX staff’s mismanagement of customers’ accounts. Bankman regretted that the FTX operation exposed the customers to loss of funds.
He expressed remorse that he made a big mistake while running the operation of FTX. The 32-year crypto investor regretted that his decision on FTX haunted him daily.Besides the sentencing, Kaplan ordered the SBF team to relinquish assets worth $11 billion.
Depending on the complexity of the case, the defence team urged the court to consider the decision of transferring SBF from the Metropolitan Detention Center to a federal prison in San Francisco. In his ruling, Judge Kaplan directed Bankman Fried to serve his imprisonment in the California Bay Area.
Damages Caused By Collapse of FTX
Citing the risks of transferring SBF to another prison, Kaplan believes that Bankman’s wealth status and social skills could threaten other inmates. According to a court report, Judge Kaplan’s ruling aimed to ensure that SBF would not become a threat in the future. He argued that SBF showed no sign of remorse during the court proceeding.
The lawyers argued that Bankman Fried should remain at the Metropolitan Center to allow the appeal process. Even though it is still unclear what procedure the SBF appeal will take, the defence team vows to challenge the court decision.
Guided by the existing law for filing an appeal, the defence team anticipates that the submission will be presented to the Second Circuit Court of Appeal for further review.
At this stage, the judge will assess the suitability of proceeding with an appeal or affirm the decision to convict SBF.
After a lengthy court proceeding, the disgraced crypto was charged with violating existing law and contributing to the liquidation of the Bahamas crypto exchange. He was charged with seven charges and profiled as the mastermind behind the collapse of the FTX.
He was accused of organizing one of the largest financial crimes that exposed thousands to loss of substantial amounts.
Lawyers Challenge Court Ruling on Bankman Fried Case
Following the implosion of FTX, the embattled crypto exchange filed for Chapter 11 of bankruptcy protection, outlined to refund the affected customers. Before then, SBF was featured as the poster boy for cryptocurrency, earning billions from his venture.
The launching of FTX propelled Bankman’s career upward, attending events and being featured in magazines.
With the ongoing efforts to repay the FTX customers, the court decided to convict SBF and place him behind bars for 25 years. The court ruling has faced backlash from key industry players.
Some of the crypto die-hards on X argued that the 25 years of imprisonment was insufficient for SBF.
Citing the aftermath of the collapse of FTX, the X users complained that SBF should have been imprisoned longer. Elsewhere, other crypto enthusiasts argued that the detention of SBF will serve as a lesson for individuals planning to commit financial crimes.
