Appeals Court Seems Unmoved by Sam Bankman-Fried’s Claims of an Unfair Trial

Former FTX CEO Sam Bankman-Fried's appeal for a new trial appears to be losing momentum, as indicated by pointed questions from appellate judges during a recent hearing in Manhattan. His attorney, Alexandra Shapiro, argued that the trial was fundamentally unfair because Bankman-Fried was not permitted to present evidence that FTX was solvent when it declared bankruptcy in November 2022. She maintained that the majority of creditors were made whole during the bankruptcy process, suggesting that no actual theft occurred. However, prosecutors presented overwhelming evidence of fraud at the trial. The appellate judges expressed skepticism about Shapiro's claims, particularly regarding the relevance of FTX's solvency and Bankman-Fried's intent. Shapiro also contended that Bankman-Fried was unfairly restricted from discussing the role of lawyers in his defense, which she argued was crucial to demonstrating his good faith. As the judges challenged various aspects of her arguments, the prospect of a new trial for Bankman-Fried seems increasingly uncertain.

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