SBF was convicted of ‘historical financial fraud’.
Not so fast, bro: today (12), Sam Bankman-Fried (SBF) lost his bid to overturn his fraud conviction – and 25-year prison sentence.
JUST IN: Sam Bankman-Fried has lost his appeal against his conviction on seven counts of fraud and conspiracy.
— CoinDesk (@CoinDesk) June 12, 2026
Bankman-Fried presided over the collapse of the FTX cryptocurrency exchange he founded.
FTX co-founder Sam Bankman-Fried’s fraud conviction and 25-year prison sentence were upheld by a federal appeals court that rejected his claims of not receiving a fair trial https://t.co/Pxna5eutN1
— Bloomberg (@business) June 12, 2026
Reuters reported:
“In a unanimous decision, a three-judge panel of the Manhattan-based 2nd US Circuit Court of Appeals said prosecutors’ evidence against Bankman-Fried “was, conservatively stated, robust.”
‘While he was publicly reassuring customers, investors and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments’, Circuit Judge Barrington Parker wrote on behalf of the panel.”
JUST IN: FTX’s SAM BANKMAN-FRIED LOSES BID TO OVERTURN HIS FRAUD CONVICTION
The Second Circuit upheld his 25-YEAR sentence for stealing $8 BILLION from FTX customers, rejecting every argument his legal team made.
This comes just 4 days after SBF filed a pardon request from… pic.twitter.com/zZj5tf1Txq
— Coin Bureau (@coinbureau) June 12, 2026
Decrypt reported:
“The Manhattan-based judges, of the Second Circuit Court of Appeals, picked apart Bankman-Fried’s arguments for overturning the judgment, finding each of them uncompelling.
[…] Much of Bankman-Fried’s appeal had hinged on claims that, even if he had misappropriated funds from FTX to cover the losses of the exchange’s sister hedge fund, Alameda Research—and to make political contributions and purchase real estate, among other personal expenditures—the company was still solvent and would have been able to repay those debts.
Today’s decision flat-out rejected that argument, citing a 2025 Supreme Court case that held a defendant commits fraud whenever they use ‘a material misstatement’ to trick victims into handing over money, even if the fraudster does not seek to cause the victim net losses. Bankman-Fried falsified business records to conceal the ways in which he spent FTX customer funds in ways those investors had not authorized.”
Read more:
The post ‘Crypto Bro’ Sam Bankman-Fried Loses Appeal To Overturn Fraud Conviction and 25-Year Prison Sentence appeared first on The Gateway Pundit.
