Sam Bankman-Fried's Fraud Conviction Appeal Denied

A federal appeals court has upheld the fraud conviction of FTX founder Sam Bankman-Fried, according to Reuters. Bankman-Fried was convicted of running one of the largest financial frauds in history involving his crypto exchange FTX. He was also convicted of money laundering and is currently in prison.

Judge Barrington Parker wrote in the appeals ruling that 'the government's evidence against him was, conservatively stated, robust.' Bankman-Fried and his team still have the option to appeal to higher courts, including the Supreme Court.

He faced seven charges and was found guilty on all counts. The disgraced crypto mogul was sentenced to 25 years in prison in 2024. Since then, he has been fighting to overturn the ruling in various ways.

In addition to the appeal that was just denied, Bankman-Fried is also seeking a retrial on the grounds that new witness testimony could alter the case. He wishes to represent himself in this retrial, though it is highly unlikely. He is also trying to use the same argument as many wealthy fraudsters: an application for an official pardon from President Trump.

President Trump suggested earlier this year that he would not pardon Bankman-Fried, but he also had to be reminded who he was. The status of his request is currently listed as 'pending' per the Department of Justice's website. The White House has been quite free with pardons in the crypto space. Interestingly, the Trump family has its own crypto business, which has netted over $2 billion since he took office in 2025. There is no way to see who has invested in Trump's crypto memecoin.

President Trump himself has been found liable for fraud in a New York court. Additionally, he has been indicted in federal court for conspiracy to defraud the United States, and the Trump organization was convicted for a years-long scheme involving criminal tax fraud, defrauding investors, and falsifying business records.