The news of Sam Bankman-Fried’s appeal is the latest buzz in the FTX bankruptcy case. The former FTX CEO, central to the exchange’s collapse, aims to reverse the 25-year prison term from Judge Kaplan on March 28, 2024.
His lawyers had already submitted the Mukasey Young, LLP appeal to the US Court of Appeals (USCA) for the 2nd Circuit in Manhattan.
The team wants their client to stay in Brooklyn’s Metropolitan Detention Center during the appeal instead of moving to a prison near his parents in California, as Judge Kaplan ordered.
The Uphill Battle Ahead
Legal experts warn that Bankman-Fried’s attempt to overturn the conviction faces significant challenges. Federal court appeals rarely succeed, with fewer than 10% resulting in a verdict reversal.
If the appeal fails at the 2nd Circuit level, Bankman-Fried would face an even more challenging task appealing to the US Supreme Court.
Judge Kaplan’s Strict Penalty
Judge Kaplan based the 25-year sentence on Bankman-frau
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