Sam Bankman-Fried Loses Appeal as Federal Court Upholds 'Robust' Fraud Conviction
Summary
A federal appeals court unanimously upheld Sam Bankman-Fried’s fraud conviction and 25-year prison sentence. The Second Circuit rejected his claim that FTX was still solvent and could have repaid customers even if he misused funds, saying fraud does not depend on whether victims ultimately suffered net losses. Judges said the trial evidence was “robust” and that he did not meaningfully dispute the government’s proof that he used customer money for Alameda Research, political donations, real estate, and other unauthorized spending, while falsifying records to hide it. Bankman-Fried remains in federal prison in California and is now pursuing a pardon after failing to overturn his conviction.
