FTX founder Sam Bankman-Fried appeals fraud conviction, 25-year prison sentence

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Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, August 11, 2023. A lawyer for FTX founder Sam Bankman-Fried on Thursday filed a notice of appeal of his federal fraud and conspiracy conviction and his 25-year prison sentence. Bankman-Fried's appeal came two weeks after he was sentenced in U.S. District Court in Manhattan and ordered to pay $11 billion in forfeiture for the massive fraud at the cryptocurrency exchange FTX and a related hedge fund, Alameda Research. Prosecutors said it was one of the largest financial frauds in history. The appeal, which was expected, will be heard by a three-judge panel of the 2nd Circuit U.S. Court of Appeals, which sits in Manhattan. Criminal defendants face very long odds of having their convictions overturned in federal court, winning reversals in fewer than 10% of appeals. If Bankman-Fried loses at the 2nd Circuit, he would have to petition the U.S. Supreme Court to take his appeal, which is an even longer shot. Alexandra Shapiro, the lawyer who filed Bankman-Fried's notice of appeal, did not immediately respond to a request for comment Thursday. Bankman-Fried, 32, was convicted at trial in November of seven fraud and conspiracy counts related to misappropriating around $10 billion in customer money. The Manhattan U.S. Attorney's Office said Bankman-Fried oversaw a conspiracy that looted customer funds to make investments and fund political donations to Democrats and Republicans. He also used the swindled funds for personal expenses and to repay loans taken out by Alameda Research, prosecutors said.