Sam Bankman Fried Faces November Appeal Hearing in New York

SBF’s legal team argues he was denied the presumption of innocence and that prosecutors misrepresented FTX user funds during trial. The outcome could result in a new trial or a revised sentence. Meanwhile, several former executives have already been sentenced, including Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame, with Michelle Bond’s case still pending.

SBF Appeal Hearing Set for November

Former FTX CEO Sam Bankman-Fried is set to take the next step in his appeals process with a hearing that is scheduled for November in the US Court of Appeals for the Second Circuit. The court calendared arguments for Nov. 4, and it will be the first major development in his case since his transfer in March from a New York facility to the Federal Correctional Institution at Terminal Island in California. 

Bankman-Fried was convicted on seven felony counts and sentenced to 25 years in prison in 2023, but has maintained that he was denied the presumption of innocence during his trial. His legal team argued in their September of 2024 appeal filing that prosecutors mischaracterized FTX user funds as permanently lost.

If the appellate court rules in his favor, the outcome could include a new trial or a revised sentencing. Bankman-Fried’s conviction followed the collapse of FTX in November 2022, when the exchange filed for bankruptcy amid a severe liquidity crisis. While several top executives pleaded guilty and cooperated with prosecutors, Bankman-Fried alone maintained a not guilty plea, which led to one of the most closely watched crypto-related trials to date.

After his extradition from the Bahamas, he was initially allowed to stay at his parents’ home in California, but a judge revoked his bail in August of 2023 after evidence emerged suggesting he tried to intimidate witnesses. According to the US Bureau of Prisons, his projected release date is Oct. 25, 2044.

The fallout from the FTX collapse also affected other executives. Caroline Ellison, former Alameda Research CEO and Bankman-Fried’s ex-girlfriend, was sentenced to two years in prison in 2024 after testifying against him. FTX co-founder Gary Wang and former engineering director Nishad Singh both received sentences of time served, while former FTX Digital Markets co-CEO Ryan Salame was given more than seven years in prison after his failed attempt to vacate his guilty plea. His partner, Michelle Bond, is still facing charges, with her case pending.