New York · Donald Trump · The Block
Appeals court rejects Sam Bankman-Fried’s bid for new trial in FTX fraud case
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Former FTX CEO Sam Bankman-Fried lost his appeal to overturn his 25-year sentence after accusing the original court of not giving him a fair chance.
Key facts
- Sam Bankman-Fried was convicted in November 2023 by a New York jury on all seven counts related to defrauding FTX customers, lenders, and investors
- Former FTX CEO Sam Bankman-Fried lost his appeal to overturn his 25-year sentence after accusing the original court of not giving him a fair chance
- Bankman-Fried filed an appeal requesting a new trial in September 2024
- Bankman-Fried founded both FTX and the hedge fund Alameda Research, which played a central role in the fraud
Summary
On Friday, the U.S. Court of Appeals for the Second Circuit sided with an earlier district court's decision, which found the former executive guilty of seven counts of fraud and conspiracy. Sam Bankman-Fried was convicted in November 2023 by a New York jury on all seven counts related to defrauding FTX customers, lenders, and investors. Bankman-Fried founded both FTX and the hedge fund Alameda Research, which played a central role in the fraud. In the order on Friday, a trio of judges disagreed with Bankman-Fried's arguments that customer investments were sound and that liquidity was there to make customers whole as well as his criticism of the court for not being allowed to bring evidence.