CoinDesk Podcast Network SBF's 'Lottery Ticket' Appeal: Why 'Making Customers Whole' Doesn't Erase the Crime
Nov 3, 2025
In this discussion, Howard Fischer, a former SEC senior trial counsel, analyzes the looming appeal hearing for Sam Bankman-Fried. He delves into the complexities of the defense strategy, emphasizing the challenges of overturning trial judge decisions. Howard tackles the controversial notion that 'making customers whole' could negate criminal liability, firmly stating it doesn't erase fraudulent actions. The conversation also touches on judicial bias claims and the slim prospects for a presidential pardon, sparking critical insights in the legal landscape.
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Hearing Format Reveals Appeals Focus
- The appeal hearing will be brief with 10 minutes per side and focused judge questions.
- Hearing length and questions often signal which issues the Second Circuit cares about.
Appellate Reluctance To Overturn Trials
- Appellate courts rarely overturn trial conduct because trial judges get wide discretion.
- Judges expect some mistakes but will uphold fairness unless errors are fundamentally prejudicial.
Judge Questions Signal Theories Of Appeal
- Judges craft questions in advance and a 'hot bench' signals key legal issues under review.
- Watch which side the panel presses to infer likely grounds for relief.
