Sam Bankman-Fried Loses Bid to Overturn Crypto Fraud Conviction
A unanimous three-judge panel said prosecutors presented robust evidence that he used FTX customer funds for real estate, political donations and investments.
- On Friday, the 2nd U.S. Circuit Court of Appeals upheld the fraud conviction and 25-year prison sentence of former FTX Chief Executive Sam Bankman-Fried, rejecting his defense's claims that the 2023 trial was unfair.
- Circuit Judge Barrington Parker wrote that prosecutors' evidence was "conservatively stated, robust," describing how Bankman-Fried used FTX as a "personal piggy bank" while reassuring customers and regulators that funds were safe.
- The fraud left customers, investors, and lenders short over $11 billion; customers lost about $8 billion, investors lost $1.7 billion, and lenders were shorted by $1.3 billion.
- Bankman-Fried's defense argued that District Judge Lewis Kaplan improperly limited evidence, but the appeals court disagreed; separately, he is seeking a pardon from President Donald Trump according to the Justice Department's Office of the Pardon Attorney.
- Held at a low-security federal prison in California, Bankman-Fried may now ask the full 2nd Circuit or the Supreme Court to hear his case, remaining eligible for release in 2044.
37 Articles
37 Articles
Appeals court upholds fraud conviction of Sam Bankman-Fried
A federal appeals court upheld Friday the fraud conviction and prison sentence of Sam Bankman-Fried, the founder of the failed FTX cryptocurrency exchange. His appeal loss came days after he applied for a presidential pardon to wipe his criminal record. In November 2023, a New York federal jury convicted Bankman-Fried on all seven counts of wire fraud, securities fraud, commodities fraud, and money laundering following the collapse of FTX. He pl…
Associated Press News
Appeals court upholds FTX co-founder Sam Bankman-Fried's fraud conviction
A federal appeals court has upheld the conviction of cryptocurrency entrepreneur Sam Bankman-Fried, rejecting arguments that his trial was unfair. The 2nd U.S.
The founder of the bankrupt crypto exchange FTX, Sam Bankman-Fried, has lost his appeal. A federal court in the United States rejected the claims that he did not receive a fair trial. Bankman-Fried was sentenced to 25 years in prison in 2023 for fraud surrounding the collapsed crypto platform.
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