Overview
- A three‑judge panel of the U.S. Court of Appeals for the Second Circuit unanimously upheld Sam Bankman‑Fried’s 2023 fraud conviction and 25‑year sentence in a 42‑page opinion issued on Friday, June 12, 2026.
- The court called the government’s evidence “conservatively stated, robust,” citing testimony from three former FTX/Alameda executives who said Bankman‑Fried directed the use of customer funds to cover Alameda’s losses.
- Judges rejected his argument that excluded testimony would have shown FTX could meet withdrawals and dismissed his claim that an intent to repay customers negated wire fraud liability.
- With the appeal denied, his remaining legal paths are a request that the full Second Circuit rehear the case, a petition to the U.S. Supreme Court, or clemency from President Donald Trump, and records show he has filed a pardon application.
- The ruling affirms prosecutors’ account that roughly $8 billion in customer funds were diverted to Alameda and personal uses, a finding that will shape recovery efforts for victims and the regulatory and political debate over crypto oversight.