Sam Bankman-Fried loses appeal to overturn 25-year prison sentence A federal appeals court upheld the former FTX chief’s conviction, while his bid for clemency from President Donald Trump appears to face steep political odds.
Former FTX CEO Sam Bankman-Fried failed to overturn his fraud conviction and 25-year prison sentence tied to the collapse of FTX after a three-judge appeals panel rejected his bid for relief
The unanimous ruling by the 2nd US Circuit Court of Appeals in Manhattan, New York, found that the government’s case against Bankman-Fried was, in the court’s words, “conservatively stated, robust,” according to Reuters. “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,” wrote Circuit Judge Barrington Parker. The decision comes as Bankman-Fried pursues another avenue to challenge his conviction. As Cointelegraph recently reported, he has formally applied for a presidential pardon from US President Donald Trump, with the request appearing on the US Department of Justice Office of the Pardon Attorney website in early June.
Bankman-Fried was sentenced to 25 years in prison in 2024 after being convicted on fraud and conspiracy charges stemming from the multibillion-dollar collapse of FTX. Related: Sam Bankman-Fried ramps up Trump support following Ellison’s release Bankman-Fried’s pardon bid faces long odds In a recent interview with Fox Business, Bankman-Fried said he was “absolutely” seeking a presidential pardon from Donald Trump. However, the former FTX CEO does not appear to have much support from the president.