FTX Founder Sam Bankman-Fried Appeals Fraud Conviction and Sentencing

FTX founder Sam Bankman-Fried has filed to appeal his conviction and sentence for fraud and conspiracy charges before the deadline. Convicted last November on seven charges, including fraud against FTX customers and Alameda Research investors, Bankman-Fried faces a 25-year federal prison sentence, along with 3 years of supervised release and an $11 billion forfeiture. New York District Court Judge Lewis Kaplan criticised Bankman-Fried's lack of remorse and labelled his altruistic persona as an "act." While Bankman-Fried requested placement in the Manhattan Detention Center during his appeal process, Judge Kaplan initially recommended a low or medium-security prison near Bankman-Fried's parents in Northern California due to his autism. Bankman-Fried's former colleagues and co-conspirators, who provided evidence against him, are awaiting sentencing. Bankman-Fried was arrested in the Bahamas in November 2022 after FTX and Alameda filed for bankruptcy following the exposure of irregularities in its balance sheet. Federal prosecutors accused him of intentionally misappropriating customer and investor funds during his trial last October.