Second Circuit Rejects Sam Bankman-Fried's Appeal
5 hours ago
- #appeal
- #cryptocurrency
- #fraud
- The Second Circuit upheld Sam Bankman-Fried's conviction and 25-year sentence, rejecting his appeal for a new trial.
- The court ruled that proving fraud does not require intent to cause economic loss, citing the Supreme Court's Kousisis v. United States decision.
- Bankman-Fried's arguments about FTX's solvency and investment appreciation were deemed irrelevant to the fraud conviction.
- The court found no error in Judge Kaplan's limitations on testimony, including blocking an advice-of-counsel defense due to incomplete disclosure to lawyers.
- Bankman-Fried could seek Supreme Court review or a presidential pardon, but both options are considered unlikely to succeed.