Appeals court upholds FTX co-founder Sam Bankman-Fried’s 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.
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Convicted crypto fraudster seeking Trump pardon loses bid to overturn 25-year prison sentence
Sam Bankman-Fried, the former crypto billionaire convicted of fraud in 2023, lost an appeal to overturn his conviction and 25-year prison sentence Friday, Reuters reported. A New York jury found Bankman-Fried guilty on two charges of wire fraud and five conspiracy counts in November 2023 for his actions while running FTX, a cryptocurrency exchange that declared bankruptcy in 2022 after once being valued at more than $26 billion.Bankman-Fried ple…
Bankman-Fried diverted billions of dollars from customers to his personal hedge account, Alameda Research, which he then used to make risk investments.
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