A federal appeals court upholds Sam Bankman-Fried’s fraud conviction stemming from the collapse of the cryptocurrency exchange FTX. Multiple outlets report that a three-judge panel of the U.S. Court of Appeals for the Second Circuit rejects his bid to overturn both the conviction and his 25-year prison sentence. The panel unanimously finds that the government’s evidence presented at his 2023 trial is “robust,” and rejects arguments that the trial was unfair.
According to the reports, the judges describe conduct in which Bankman-Fried reassures customers, investors, and regulators that FTX customer funds were safe while using those funds for personal or related purposes, including spending on real estate, political contributions, and investments. The articles also note that the underlying case includes convictions on multiple counts, including wire fraud, conspiracy to commit securities fraud, commodities fraud, and money laundering.
The outlets further say Bankman-Fried’s legal options now narrow to procedural next steps—such as seeking review by the full court or asking the U.S. Supreme Court to take the case—as well as pursuing a presidential pardon. One report adds that he seeks a pardon from President Donald Trump, citing involvement by the Department of Justice’s Office of the Pardon Attorney.
