{"id":1780,"date":"2026-06-12T17:09:15","date_gmt":"2026-06-12T17:09:15","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1780"},"modified":"2026-06-12T17:09:15","modified_gmt":"2026-06-12T17:09:15","slug":"sam-bankman-fried-loses-bid-to-overturn-crypto-fraud-conviction","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1780","title":{"rendered":"Sam Bankman-Fried loses bid to overturn crypto fraud conviction"},"content":{"rendered":"<div><div><div><ul><li>Summary<\/li><\/ul><\/div><div><\/div><\/div><div>NEW YORK, June 12  (Reuters) &#8211; Sam Bankman-Fried on Friday lost his bid to overturn his fraud conviction \u200cand 25-year prison sentence over the collapse of the FTX cryptocurrency exchange he founded.<\/div><div>In a unanimous decision, a three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals said prosecutors&#8217; evidence against Bankman-Fried &#8220;was, conservatively stated, robust.&#8221;<\/div><div>&#8220;While he was publicly reassuring customers, investors and regulators that FTX customer funds were \u200bsafe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, \u200bpolitical contributions, and investments,&#8221; Circuit Judge Barrington Parker wrote on behalf of the panel.<\/div><div>Bankman-Fried&#8217;s lawyers did \u2060not immediately respond to a request for comment. They may next ask all the active judges on the 2nd Circuit to hear \u200bthe case, or ask the U.S. Supreme Court to take up the case.<\/div><div>Bankman-Fried is also seeking a pardon from President Donald Trump, \u200baccording to the Justice Department&#8217;s Office of the Pardon Attorney. Neither the White House nor the Justice Department immediately responded to requests for comment.<\/div><h2>&#8216;FRAUD OF EPIC PROPORTIONS&#8217;<\/h2><div>Bankman-Fried, who had been one of the cryptocurrency sector&#8217;s most influential figures and a multibillionaire before FTX&#8217;s spectacular collapse in 2022, was \u200bfound guilty on seven felony charges by a federal jury in Manhattan in 2023.<\/div><div>Prosecutors with the Manhattan U.S. Attorney&#8217;s office said \u200bhe stole $8 billion from FTX customers to plug losses at his crypto-focused hedge fund, Alameda Research, in what they termed a &#8220;fraud of epic proportions.&#8221;<\/div><div>Bankman-Fried had \u200cpleaded not \u2060guilty to the two counts of fraud and five counts of conspiracy that he faced. At his trial, he admitted to making mistakes running FTX, but testified that he never stole funds.<\/div><div>In appealing the conviction, Bankman-Fried&#8217;s defense lawyers argued that U.S. District Judge Lewis Kaplan, who oversaw the trial, improperly prevented Bankman-Fried from introducing evidence to back up his belief that FTX had \u200benough funds to cover customer withdrawals.<\/div><div>The \u200bappeals court disagreed, pointing \u2060to legal precedent holding that fraud occurs the moment a defendant tricks someone into handing over money or property, even if the defendant intends to eventually make the victim whole.<\/div><div>&#8220;FTX customers were \u200bdefrauded as soon as Bankman-Fried transferred their money to Alameda regardless of how strongly he \u200bbelieved he might \u2060later return the money,&#8221; Parker wrote.<\/div><h2>BANKMAN-FRIED ELIGIBLE FOR RELEASE IN 2044<\/h2><div>Before FTX collapsed, Bankman-Fried was a rising star in the rough-and-tumble crypto industry who burnished his reputation with lavish philanthropic and political donations.<\/div><div>At his March 2024 sentencing hearing, Kaplan said Bankman-Fried knew his actions \u2060were wrong \u200bbut &#8220;made a very bad bet about the likelihood of getting caught.&#8221;<\/div><div>Three of \u200bBankman-Fried&#8217;s former deputies pleaded guilty over their involvement in the case and testified against their onetime boss at his trial.<\/div><div>Bankman-Fried is being held at a low-security federal prison \u200bnear Santa Barbara, California. He is eligible for release in 2044.<\/div><div><address><div><div><noscript>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"120\" alt=\"Luc Cohen\" class=\"wp-image-312\" src=\"https:\/\/reliablemovingcrews.com\/wp-content\/uploads\/2026\/05\/336af75940bb07f369748d333fd96fa1.avif\"\/><\/figure>\n<\/noscript><\/div><div>Luc Cohen<\/div><\/div><div><ul><li><span><div><svg><title>Email<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>X<\/title><\/svg><\/div><\/span><\/li><\/ul><\/div><\/address><\/div><\/div><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1778\">Defence resignation exposes spending bind for Starmer \u2013 and any challengers<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1777\">Ebola outbreak spreads to crowded displacement camp in Congo<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1775\">US military helping move 7 million barrels of oil per day out of Persian Gulf, Wright says<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried on Friday lost his bid to overturn his fraud conviction \u200cand 25-year prison sentence over the collapse of the FTX cryptocurrency exchange he founded.<\/p>\n","protected":false},"author":1,"featured_media":1779,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[128,44,141,142],"class_list":["post-1780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-consumer-protection","tag-esg-investors","tag-social-impact"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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