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Appeals court upholds FTX co-founder Sam Bankman-Fried’s fraud conviction
A unanimous three-judge panel said prosecutors presented robust evidence that he used FTX customer funds for real estate, political donations and investments.
- On Friday, the 2nd U.S. Circuit Court of Appeals upheld the fraud conviction and 25-year prison sentence of former FTX Chief Executive Sam Bankman-Fried, rejecting his defense's claims that the 2023 trial was unfair.
- Circuit Judge Barrington Parker wrote that prosecutors' evidence was "conservatively stated, robust," describing how Bankman-Fried used FTX as a "personal piggy bank" while reassuring customers and regulators that funds were safe.
- The fraud left customers, investors, and lenders short over $11 billion; customers lost about $8 billion, investors lost $1.7 billion, and lenders were shorted by $1.3 billion.
- Bankman-Fried's defense argued that District Judge Lewis Kaplan improperly limited evidence, but the appeals court disagreed; separately, he is seeking a pardon from President Donald Trump according to the Justice Department's Office of the Pardon Attorney.
- Held at a low-security federal prison in California, Bankman-Fried may now ask the full 2nd Circuit or the Supreme Court to hear his case, remaining eligible for release in 2044.
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Here you will find information on the topic "Long term of imprisonment". Read now "Ex-Krypto-König Bankman-Fried fails with appeal request".
·Germany
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Once, Sam Bankman-Fried was celebrated as a financial genius and figurehead of a future world of digital money. With an objection to his conviction as a fraud, he now flashes into court.
The 34-year-old, currently in detention, who has long been considered a small cryptocurrency genius has been convicted of fraud, criminal association and money laundering.
·Paris, France
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Coverage Details
Total News Sources70
Leaning Left12Leaning Right12Center14Last UpdatedBias Distribution37% Center
Bias Distribution
- 37% of the sources are Center
37% Center
L 32%
C 37%
R 31%
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