A federal appeals court has upheld the conviction of Sam Bankman-Fried, former CEO of FTX, affirming his 25-year prison sentence linked to the company's collapse. The unanimous decision by the 2nd US Circuit Court of Appeals in New York rejected his attempts to overturn the fraud conviction, stating that the government's case was "robust."
Bankman-Fried was found guilty of using customer funds for personal expenses, including real estate and political contributions, while publicly assuring stakeholders about the safety of their investments. He was sentenced in 2024 after being convicted on multiple charges related to the multibillion-dollar failure of FTX.
In addition to the appeals process, Bankman-Fried has also applied for a presidential pardon from Donald Trump. However, the chances of receiving clemency appear slim, as Trump has previously indicated he does not intend to pardon him. The clemency request has been noted on the US Department of Justice Office of the Pardon Attorney's website.