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Sam Bankman-Fried appeals fraud conviction, 25-year sentence

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Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, has initiated an appeal against his federal fraud and conspiracy conviction, as well as the 25-year prison sentence handed down to him.

Bankman-Fried’s legal team filed a notice of appeal on Thursday, marking a formal step in his legal battle following the sentencing in U.S. District Court in Manhattan two weeks ago.

The entrepreneur was also ordered to forfeit $11 billion in connection with what prosecutors labeled as one of the largest financial frauds in history.

The appeal process will proceed before a three-judge panel of the 2nd Circuit U.S. Court of Appeals based in Manhattan.

READ MORE – FTX deep fake goes viral

However, statistics suggest the challenges ahead for Bankman-Fried, as federal criminal defendants historically win reversals in fewer than 10% of appeals.

Should he fail at the 2nd Circuit level, Bankman-Fried’s legal recourse would involve petitioning the U.S. Supreme Court, a path fraught with even greater uncertainty.

Customer funds

Bankman-Fried, aged 32, was convicted on seven counts of fraud and conspiracy related to the misappropriation of approximately $10 billion in customer funds.

Prosecutors asserted that he orchestrated a scheme diverting customer funds for investments, political contributions, personal expenses, and loan repayments.

Upon sentencing, Judge Lewis Kaplan expressed concerns about Bankman-Fried’s potential future actions, remarking, “There is a risk that this man will be in a position to do something very bad in the future.” Kaplan noted Bankman-Fried’s apparent lack of remorse for his actions.

Bankman-Fried has maintained his innocence, attributing FTX’s financial troubles to a purported “liquidity crisis” or “mismanagement.”

Notably, four other senior executives from FTX and Alameda Research had previously pleaded guilty.

Ryan Salame, one of them, is slated for sentencing on May 28.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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China conducts ‘punishment’ war games near Taiwan

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China initiated military ‘punishment’ exercises in the waters surrounding Taiwan in response to the newly inaugurated President Lai Ching-te.

These drills come amid escalating tensions in the region, with Beijing asserting its sovereignty over Taiwan, denouncing the inauguration of President Lai Ching-te and labelling this one of several “separatist acts”, as reported by Reuters.

These military manoeuvres are seen as a show of force and a warning to Taiwan and its supporters against any moves perceived as challenging China’s territorial claims.

President Lai has repeatedly offered talks with China but has been rebuffed.

He says only Taiwan’s people can decide their future, and rejects Beijing’s sovereignty claims.

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Money

Apple Music’s controversial top 10 albums of all time

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Apple Music has released its highly anticipated “100 Best Albums of All Time” list, with the top 10 rankings causing a bittersweet symphony of destruction for some music lovers.

The list was curated by a panel of experts and based on various factors including cultural impact, critical acclaim, and commercial success, with the aim to celebrate the most influential and timeless albums across genres.

As reported by the official Apple Music Newsroom blog post, the top ten best albums of all time are the following:

10. Lemonade (2016), Beyoncé

9. Nevermind (1991), Nirvana 

8. Back to Black (2006), Amy Winehouse

7. good kid, m.A.A.d city (2012), Kendrick Lamar

6. Songs in the Key of Life (1976), Stevie Wonder

5. Blonde (2016), Frank Ocean

4. Purple Rain (1984), Prince & The Revolution

3. Abbey Road (1969), The Beatles

2. Thriller (1982), Michael Jackson

1. The Miseducation of Lauryn Hill (1998), Lauryn Hill

In other news, Apple recently became the first company to hit a $3 trillion stock market value, before falling just below that milestone, as reported by Reuters.

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Leaders

Essential daily protein needs for better health

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Protein is a fundamental macronutrient essential for various bodily functions, including muscle repair, enzyme production, and immune system support.

Daily protein requirements can vary significantly based on factors such as activity levels, age, and gender.

To help unpack this topic, Kate Save from BeFitFood joins to share her key insights. #featured

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