Sam Bankman-Fried Loses Appeal as Federal Court Upholds Fraud Conviction

A federal appeals court unanimously upheld Sam Bankman-Fried's fraud conviction and 25-year prison sentence, rejecting his argument that FTX could have repaid customers. A presidential pardon is now his only remaining option.

• The Second Circuit Court of Appeals unanimously rejected Bankman-Fried's bid to overturn his 2023 fraud conviction and 25-year sentence.
• Judges dismissed his argument that FTX was solvent, citing a 2025 Supreme Court ruling that misrepresentations alone constitute fraud.
• Bankman-Fried has formally applied for a presidential pardon from Trump, which is now his only path out of prison.
• The fallen FTX founder has been flattering Trump on social media, but Trump has signaled he won't grant clemency.

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