The US Court of Appeals for the Second Circuit has upheld Sam Bankman-Fried’s conviction on all seven counts of fraud and conspiracy. The ruling, issued June 12, effectively ends the former FTX CEO’s most viable legal path to freedom.
Bankman-Fried, sentenced to 25 years in prison in March 2024, argued his trial was fundamentally unfair. The appellate court dismissed these claims as unpersuasive, noting that judges expressed skepticism during oral arguments in November 2025.
The defense attempted to reframe the collapse of FTX and Alameda Research as a series of unfortunate errors rather than a deliberate scheme to steal customer funds. The panel found no reason to disturb the original guilty verdict reached after a month-long trial in November 2023.
Bankman-Fried submitted a presidential pardon application the same week the appellate court issued its ruling. He retains other legal avenues, including a request for a rehearing en banc or an appeal to the US Supreme Court.
Following his conviction, Bankman-Fried was ordered to forfeit over $11 billion, reflecting the scale of misappropriated customer funds funneled through Alameda Research. The substantial sentence ensures he will be in his early fifties before release, barring extraordinary intervention.