Former FTX CEO Sam Bankman-Fried failed to overturn his fraud conviction and 25-year prison sentence linked to the collapse of FTX after a three-judge panel rejected his bid for relief.
A unanimous ruling by the 2nd U.S. Circuit Court of Appeals in Manhattan, New York found that the government’s case against Bankman-Fried was, in the court’s words, “conservatively stated, strong,” according to Reuters.
Source: Toby Cunningham
“While publicly assuring customers, investors and regulators that FTX’s client funds were safe, he simultaneously used FTX as his personal piggy bank, spending client funds on real estate, political contributions and investments,” District Judge Barrington Parker wrote.
The decision comes as Bankman-Fried seeks another way to challenge his conviction. As recently reported by Cointelegraph, he has officially submitted a request for a presidential pardon from US President Donald Trump, and the request appeared on the website of the Office of the Attorney General of the US Department of Justice in early June.
Bankman-Fried was sentenced to 25 years in prison in 2024 after being convicted of fraud and conspiracy charges stemming from the collapse of the multibillion-dollar FTX.
Related: Bankman-Fried himself increases support for Trump after Ellison’s acquittal
Bankman-Fried’s clemency bid faces great odds
In a recent interview with Fox Business, Bankman-Fried said she is “absolutely” seeking a presidential pardon from Donald Trump. However, the former FTX CEO does not seem to have much support from the president.
Trump told the New York Times in January that he had no plans to pardon Bankman-Fried. A White House spokesman also declined to comment on the pardon request, referring to Bloomberg last week on the president’s earlier statements.
Still, Trump has shown a willingness to grant high-profile pardons, including one for Silk Road founder Ross Ulbricht shortly after returning to office.
Ulbricht operated the dark web marketplace Silk Road, which used Bitcoin as its primary payment method. He served two life sentences plus 40 years before Trump pardoned him in January 2025.
Related: Law firm FTX Fenwick & West will pay $54 million to victims in the settlement
