A federal appeals court upheld Sam Bankman-Fried’s fraud conviction and 25-year sentence on Friday. The former FTX CEO continues to seek a presidential pardon from Donald Trump as his remaining option.
A Second Circuit Court of Appeals panel ruled that Bankman-Fried’s arguments about an unfair trial were unpersuasive. The judges noted that the government’s evidence against him was robust and rejected claims that he intended to repay customers or that FTX’s investments would succeed.
The panel supported Judge Lewis Kaplan’s handling of the case, including limits on arguments about margin trading and temporary misappropriation. Bankman-Fried’s team had contended that customers expected some fund access risks, but the court found this beside the point.
Bankman-Fried formally asked President Trump for a pardon earlier this week. He is also pursuing a new trial in federal court, separate from the appeal.
