Sam Bankman-Fried Loses Appeal of Fraud Conviction and 25-Year Prison Sentence

On June 12, 2026, a Manhattan federal appeals court rejected Sam Bankman-Fried's appeal, upholding his conviction and 25-year prison sentence. The court dismissed claims of trial unfairness and judicial bias, calling the evidence of his $8 billion fraud robust. Meanwhile, Bankman-Fried's application for a presidential pardon remains pending, despite Donald Trump's stated opposition.

Appeal rejection upheld

• ▪The federal appeals court described Sam Bankman-Fried in a 42-page ruling as the main driver of one of the largest frauds on record.
• ▪A three-judge panel in a Manhattan federal appeals court rejected Sam Bankman-Fried's appeal and upheld his fraud conviction and 25-year prison sentence on June 12, 2026.

FTX collapse fraud conviction

• ▪Prosecutors accused Sam Bankman-Fried of stealing over $8 billion of customer money to expand his own power and influence.
• ▪Sam Bankman-Fried was sentenced to 25 years in prison in 2024 after being found guilty on seven counts, including wire fraud, money laundering, and securities fraud.

Trial fairness claims rejected

• ▪The federal appeals court rejected Sam Bankman-Fried's claims that his trial was fundamentally unfair and that federal judge Lewis A. Kaplan was biased against him.
• ▪The federal appeals court ruled that federal judge Lewis A. Kaplan acted within his broad discretion when limiting Sam Bankman-Fried's trial testimony.

Presidential pardon application

• ▪President Donald Trump stated in January 2026 that he has no intention of pardoning Sam Bankman-Fried.
• ▪Sam Bankman-Fried formally applied for a presidential pardon from President Donald Trump in June 2026, which remains pending with the Office of the Pardon Attorney.

Cryptocurrency empire downfall

• ▪Sam Bankman-Fried's net worth fell to $0 following the collapse of FTX, down from a peak Forbes valuation of $26.5 billion.
• ▪Sam Bankman-Fried's cryptocurrency exchange FTX collapsed in November 2022 after reports revealed close financial ties and billions in losses with Alameda Research.