Bankman-Fried loses appeal against fraud conviction in FTX case
8 reported
Sam Bankman-Fried lost his bid to overturn his fraud conviction and 25-year prison sentence over the collapse of the FTX cryptocurrency exchange. The decision was handed down by a three-judge panel of the New York-based second US circuit court of appeals. Bankman-Fried was found guilty on seven felony charges by a federal jury in Manhattan in 2023. Prosecutors said he stole $8bn from FTX customers in what they termed a “fraud of epic proportions”. Bankman-Fried had pleaded not guilty and testified that he never stole funds. His defense lawyers argued that the trial judge improperly prevented him from introducing evidence about FTX’s funds. Prosecutors countered that evidence, including testimony from three former deputies, overwhelmingly proved his guilt. Bankman-Fried is being held at a low-security federal prison near Santa Barbara, California, and is eligible for release in 2044.
What’s reported
Bankman-Fried lost his appeal against his fraud conviction and 25-year prison sentence.
The decision was made by a three-judge panel of the New York-based second US circuit court of appeals.
He was found guilty on seven felony charges by a federal jury in Manhattan in 2023.
Prosecutors said he stole $8bn from FTX customers in a “fraud of epic proportions”.
Bankman-Fried pleaded not guilty and testified he never stole funds.
His defense argued that Judge Lewis Kaplan improperly prevented him from introducing evidence about FTX’s funds.
Prosecutors said evidence from three former deputies who pleaded guilty proved his guilt.
Bankman-Fried is held at a low-security federal prison near Santa Barbara, California, eligible for release in 2044.
Key figures
Sam Bankman-Fried, founder of FTX
Lewis Kaplan, US district judge who oversaw the trial
Three former deputies of Bankman-Fried who pleaded guilty and testified
Sources: The Guardian
