FTX founder, Sam Bankman-Fried, has decided to appeal his recent conviction and 25-year prison sentence for his involvement in a major financial fraud case.
The 32-year-old was found guilty on seven counts of fraud and conspiracy, making it one of the largest financial frauds in US history.
Bankman-Fried, who was once seen as the face of cryptocurrency, has expressed remorse over his actions and the collapse of FTX. During his sentencing, he admitted to making a series of bad decisions that he deeply regrets.
Despite his apology, US District Court Judge Lewis Kaplan criticized Bankman-Fried for not fully accepting responsibility and expressed concerns about the potential for future misconduct. Prosecutors had originally sought a sentence of 40-50 years, while Bankman-Fried’s legal team requested a much shorter term of six years.
The appeal process could take years, as Bankman-Fried’s lawyers will need to convince a higher court that errors were made during the trial that infringed upon his legal rights.
However, the chances of success are slim, as US federal courts rarely overturn lower court decisions in criminal cases.
