Sam Bankman-Fried's 25-year sentence upheld on appeal; Trump clemency bid blocked
In brief
- 2nd US Circuit Court unanimously upheld SBF's fraud conviction and 25-year prison sentence
- SBF misused FTX customer funds for personal expenses while publicly reassuring investors funds were secure
- SBF formally applied for presidential pardon from Trump in June; Trump signaled no plans to grant it
Appeal rejected on all counts
The 2nd US Circuit Court of Appeals in Manhattan found the government's case against Bankman-Fried compelling across the board. Circuit Judge Barrington Parker wrote that Bankman-Fried used FTX customer funds for personal expenses including real estate, political contributions, and investments. The contradiction was stark: he publicly reassured customers, investors, and regulators that their funds were safe while simultaneously diverting them.
Bankman-Fried was sentenced to 25 years in prison in 2024 after conviction on fraud and conspiracy charges stemming from FTX's collapse. The appellate ruling closes the most direct path to overturning that sentence through the courts.
Clemency prospects remain uncertain
Bankman-Fried's remaining hope rests on executive clemency. He formally applied for a presidential pardon from President Trump in early June, with the request appearing on the US Department of Justice Office of the Pardon Attorney website. In a Fox Business interview, he said he was "absolutely" seeking clemency.
But the political math looks difficult. Trump told The New York Times in January that he had no plans to pardon Bankman-Fried. A White House spokesperson declined to comment on the clemency request, instead referring to the president's earlier remarks.
That said, Trump has shown a willingness to grant high-profile pardons since returning to office. He pardoned Silk Road founder Ross Ulbricht in January 2025, who was serving two life sentences plus 40 years. Whether Bankman-Fried's case merits similar consideration remains an open question.
