Appeals Court Upholds 25-Year Sentence for FTX Founder Sam Bankman-Fried
A U.S. appeals court has upheld the 25-year prison sentence for FTX founder Sam Bankman-Fried, rejecting his defense that plans to repay customers negated fraud intent. The only remaining legal avenues are the Supreme Court or emergency procedures.
The U.S. Court of Appeals for the Second Circuit has affirmed the 25-year prison term for Sam Bankman-Fried, the founder of collapsed crypto exchange FTX. The ruling firmly rejects the defense's claim that Bankman-Fried's stated plan to return customer funds should have excluded criminal intent.
With this decision, Bankman-Fried’s legal team can now only pursue relief through the U.S. Supreme Court or emergency procedural motions. The court found no error in the original trial's handling of the fraud allegations.
In March 2024, Bankman-Fried was sentenced to 25 years in prison after being convicted on multiple counts of fraud and conspiracy for misusing billions of dollars in customer deposits. The current appeal decision leaves little room for immediate release.
Source: ForkLog