SBF Decides Against Filing Post-Trial Motions, Shifts Focus to Appeal

cryptonews.com:

The lawyers of disgraced FTX founder, Sam Bankman-Fried, have decided to not file any post-trial motions following his fraud conviction on November 2nd, according to a letter filed by his attorneys on December 1st.

“After further consideration, we have decided not to file any post-trial motions,” wrote Bankman-Fried’s attorneys in a letter to Judge Lewis A. Kaplan. “We reserve our rights to pursue any claims on appeal.”

Depending on the kind, a granted post-trial motion has the potential to change the result of a trial entirely. The decision by Bankman-Fried’s defense suggests that they will be focusing their efforts on an appeal.

“Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” said defense attorney, Mark Cohen, in a statement shortly following his client’s conviction.

The defense’s decision to not file any post-trial motions follows a nearly month-long trial that saw Bankman-Fried’s former associates and closest friends testify against him. The FTX founder’s co-conspirators alleged they and Bankman-Fried gave FTX’s sister company, Alameda Research, special privileges on the exchange, including a $65 billion line of credit that was used for real estate purchases, political donations, and venture investments. By the time FTX collapsed in November 2022, the crypto exchange owed $8 billion back to customers.  

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” U.S. Attorney Damian Williams said in a press conference