finance
Federal Appeals Court Upholds FTX Founder's Fraud Conviction
A three-judge panel rejected arguments that evidentiary rulings and judicial bias tainted the 2023 trial. The decision leaves a pardon request as the remaining option.
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A federal appeals court on Friday unanimously upheld the fraud conviction and 25-year prison sentence of FTX co-founder Sam Bankman-Fried. The panel rejected claims that improper evidentiary rulings and a biased judge had denied a fair trial. Prosecutors said he diverted billions of dollars in customer funds from FTX to Alameda Research and other entities.
The collapse of FTX in November 2022 triggered widespread customer withdrawals and contributed to a sharp drop in the total value of digital assets.
A request for a pardon after completion of sentence was submitted in 2026 and remains pending, according to the Department of Justice Office of the Pardon Attorney website. In a recent prison interview, Bankman-Fried said he wants a pardon but acknowledged the decision rests with the president.
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