Disgraced FTX founder Sam Bankman-Fried has formally filed an appeal for his 25-year prison sentence following his fraud trial. His lawyers have also requested that he be allowed to stay in a Brooklyn prison to be closer to his legal team as they work on overturning his sentence. Judge Lewis A. Kaplan had originally suggested that Bankman-Fried be placed in a medium-security prison in California but ordered him to stay at the Metropolitan Detention Center in Brooklyn and pay an $11 billion forfeiture.
During his sentencing, Bankman-Fried’s lawyers raised concerns about the conditions at the Metropolitan Detention Center, calling it the worst federal jail in the country. They mentioned issues such as lack of access to water and poor electricity and stated that Bankman-Fried, who follows a vegan diet, has struggled to find suitable food in prison. Additionally, his lawyers highlighted his diagnosis of Autism Spectrum Disorder (ASD), arguing that he is “uniquely vulnerable” in prison due to difficulties in responding to social cues.
Bankman-Fried’s defense team has maintained that their client never intended to harm anyone and plans to dedicate his post-prison life to charitable works, in line with his commitment to effective altruism. Meanwhile, his former FTX CEO, Ryan Salame, is set to be sentenced for his involvement in the crypto scandal. Salame had pleaded guilty to violating campaign finance laws and running an unlicensed money-transmitting business and is currently out on a $1 million bond.
The appeal process for Sam Bankman-Fried is expected to be lengthy and complex, with the latest legal filings marking the formal beginning of the process. Despite facing a 25-year prison sentence and a hefty forfeiture, Bankman-Fried has vowed to vigorously fight the charges brought against him. It remains to be seen when he will next appear in court as the appeal moves forward. The case has garnered significant attention in the crypto community and beyond, as the outcome of the appeal could have implications for future cases involving fraud and financial crimes in the industry.
