Final Appeal for Sam Bankman-Fried: FTX Founder's Fate to be Decided by Appeals Court

The Second Circuit Court of Appeals is set to hear arguments in the case of Sam Bankman-Fried, the founder and former CEO of FTX, as he attempts to appeal his conviction and 25-year prison sentence. The hearing, scheduled for November 4, will allow both the prosecution and the defense to present their arguments, with the judges on the panel posing questions to clarify details. Bankman-Fried's team is arguing that the trial was not conducted fairly, citing alleged bias from District Judge Lewis Kaplan and unfair comments made during the trial. However, lawyers familiar with the case believe that the defense faces a challenging task in convincing the appeals court to grant a new trial. The prosecution has argued that the trial was conducted appropriately and that justice was served. The appeals court will focus on whether the trial was conducted fairly, rather than rehearing the charges themselves. Bankman-Fried's path to victory is narrow, with his team needing to demonstrate that the district court made significant mistakes in overseeing the case. The defense team will need to persuade the circuit court panel that the judge's actions were unfair and that the trial was not impartial. One potential area of concern for the appeals court is the 'dry run' before Bankman-Fried's testimony, where Judge Kaplan heard some of the defense's arguments before allowing them to be presented to the jury. The Supreme Court has also recently ruled on a related case, Kousisis et al. v. United States, which clarified that a party can be convicted of fraud even if they did not intend to cause economic harm. This ruling may impact Bankman-Fried's case, as his team has argued that he did not intend to defraud victims. The appeals process is expected to be lengthy, with the outcome uncertain. A lengthy hearing with many questions may be a positive sign for Bankman-Fried, while a short and quick hearing could indicate that the court is leaning towards affirming the conviction. If the appeal is unsuccessful, Bankman-Fried may still seek a presidential pardon, although his chances of receiving one appear slim due to his past donations to Democratic candidates and his reputation in the crypto industry.