Sam Bankman-Fried loses appeal of fraud conviction in FTX case
Summary
A federal appeals court has rejected Sam Bankman-Fried’s challenge to his fraud conviction related to the collapse of his cryptocurrency exchange FTX. Bankman-Fried, who is serving a 25-year prison sentence, also applied for a presidential pardon this week.Key Facts
- Sam Bankman-Fried was convicted of fraud connected to the failure of FTX, a cryptocurrency exchange.
- He received a 25-year prison sentence and was ordered to forfeit $11 billion.
- Prosecutors said he used customer funds for personal expenses and to cover hedge fund losses.
- Bankman-Fried was found guilty on all seven charges, including fraud, conspiracy, and money laundering.
- A federal appeals court upheld his conviction, refusing to grant a new trial.
- Bankman-Fried submitted a request for a presidential pardon in June 2026.
- The case is considered one of the largest financial frauds in U.S. history.
- A federal judge previously denied a new trial based on claims of new witness testimony.
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