FTX founder SBF’s 25-year sentence formally upheld

A federal appeals court has issued its mandate affirming Sam Bankman-Fried’s fraud conviction, 25-year prison sentence and $11 billion forfeiture order. Summary The Second Circuit formally upheld seven felony convictions against the former FTX chief. Bankman-Fried’s 25-year prison sentence and roughly $11 billion forfeiture order remain in place. The court rejected claims that FTX’s later asset recovery weakened the government’s fraud case. A Supreme Court petition or presidential clemency now represents his clearest remaining options. Second Circuit closes Bankman-Fried appeal The U.S. Court of Appeals for the Second Circuit filed its mandate on Aug. 4, putting its June 12 judgment into effect and returning jurisdiction over the case to the lower court. The mandate formally affirmed the judgment issued by the U.S. District Court for the Southern District of New York. A jury convicted Bankman-Fried in November 2023 on seven counts of fraud and conspiracy tied to the collapse of FTX and its affiliated trading firm, Alameda Research. U.S. District Judge Lewis Kaplan sentenced him to 25 years in federal prison in March 2024. Kaplan also imposed a forfeiture order of approximately $11 ...