The jury that convicted Sam Bankman-Fried of stealing billions of {dollars} from clients of his FTX cryptocurrency trade solely noticed “half the image” as a result of the decide didn’t enable in crucial proof, his lawyer argued of their enchantment on Friday.
In a 102-page transient filed with the 2nd US Circuit Courtroom of Appeals, Bankman-Fried’s lawyer wrote that US District Decide Lewis Kaplan erred in stopping the 32-year-old former billionaire from introducing proof to again up his perception that FTX had sufficient funds to cowl buyer withdrawals.
“The federal government thus introduced a false narrative that FTX’s clients, lenders, and buyers had completely misplaced their cash,” lawyer Alexandra Shapiro wrote in urging the appeals court docket to overturn Bankman-Fried’s conviction and 25-year jail sentence. “The jury was solely allowed to see half the image.”
A consultant of the US Legal professional’s workplace in Manhattan, which introduced the fees, declined to remark.
Legal defendants face a excessive bar in getting their convictions overturned, as they have to present that trial judges made errors that had been vital sufficient to have affected the decision.
FTX declared chapter in November 2022 after a flurry of buyer withdrawals, marking a swift fall from grace from Bankman-Fried, who had earned a fame as an trustworthy dealer within the rough-and-tumble cryptocurrency business and rose to prominence via lavish philanthropic and political donations.
FTX has stated its clients will obtain 100% restoration on their claims in opposition to the corporate, based mostly on the worth of their accounts on the time it filed for chapter.
Cryptocurrency costs had been decrease then than they’re now, leaving some clients feeling short-changed.
In felony expenses introduced in December 2022, prosecutors accused Bankman-Fried of stealing $8 billion in buyer funds to plug losses at Alameda Analysis, his crypto-focused hedge fund.
At his late 2023 trial, Bankman-Fried admitted to creating errors operating FTX however testified that he by no means stole funds.
He positioned a lot of the blame on different FTX executives.
Jurors didn’t purchase his rationalization, and convicted him on the 2 counts of fraud and 5 counts of conspiracy he confronted. In sentencing Bankman-Fried in March, Kaplan stated Bankman-Fried knew his actions had been mistaken however “made a really dangerous guess concerning the chance of getting caught.”
Bankman-Fried is presently being held on the Metropolitan Detention Middle in Brooklyn.
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