Sam Bankman-Fried loses appeal to overturn 25-year prison sentence
Summary
Sam Bankman-Fried lost his appeal to overturn his fraud conviction and 25-year sentence for the collapse of FTX. A unanimous three-judge panel on the 2nd US Circuit Court of Appeals said the government’s case was “robust” and upheld the verdict. The court said he falsely reassured customers, investors, and regulators while using FTX customer funds like a “personal piggy bank” for real estate, political donations, and investments. Bankman-Fried, convicted in 2024 on fraud and conspiracy charges, is also seeking a presidential pardon from Donald Trump, but the request appears unlikely to succeed. Trump previously said he had no plans to pardon him.
