Sam Bankman-Fried Loses Bid To Overturn Crypto Fraud Conviction

Sam Bankman-Fried lost his appeal to overturn his FTX fraud conviction and 25-year sentence. Reuters reports: In a unanimous decision, a three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals said prosecutors' evidence against Bankman-Fried "was, conservatively stated, robust." "While he was publicly reassuring customers, investors and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments," Circuit Judge Barrington Parker wrote on behalf of the panel. Bankman-Fried's lawyers did not immediately respond to a request for comment. They may next ask all the active judges on the 2nd Circuit to hear the case, or ask the U.S. Supreme Court to take up the case. Bankman-Fried is also seeking a pardon from President Donald Trump, according to the Justice Department's Office of the Pardon Attorney. Bankman-Fried was sentenced to 25 years in prison in 2024 for "masterminding one of the largest financial frauds in American history," wrote US District Judge Lewis Kaplan. He was convicted on all charges, including wire fraud, conspiracy to commit securities fraud, commodities fraud, and money laundering.

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