Sam Bankman-Fried Loses Appeal Against 25-Year Sentence for FTX Fraud
Sam Bankman-Fried's appeal to overturn his fraud conviction and 25-year prison sentence was denied by a federal appeals court. He remains incarcerated following the collapse of FTX in 2022.
A three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals upheld Sam Bankman-Fried's conviction and 25-year prison sentence, according to Gdelt. The court's 42-page opinion stated that the government's evidence against him was, conservatively stated, robust. Federal prosecutors alleged that Bankman-Fried used customer deposits from FTX to cover losses at his hedge fund, pay off loans, and buy real estate. Prosecutors described the fraud as among the largest in U.S. history. Bankman-Fried, who is 34 years old, submitted an application for a presidential pardon, according to ABC News. His lawyers did not immediately respond to a request for comment, as reported by Gdelt. If all remaining legal avenues are exhausted, he would be eligible for release in 2044, according to Al Jazeera.
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