FTX Founder Sam Bankman-Fried's Appeal Rejected by Federal Appeals Court

Sam Bankman-Fried, former billionaire and FTX founder, had his appeal to overturn his conviction and 25-year prison sentence rejected by a three-judge panel of Manhattan's 2nd U.S. Circuit Court of Appeals on Friday.

The verdict stems from Bankman-Fried's conviction in November 2023 for two counts of wire fraud and five conspiracy charges related to his actions while running FTX, a cryptocurrency exchange that filed for bankruptcy in 2022 with a valuation over $26 billion.

Circuit Judge Barrington Parker described the evidence against Bankman-Fried as 'conservatively stated, robust,' stating that '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.'

Bankman-Fried's ties to politics are significant, as he became a prolific donor in the years leading up to his conviction, contributing $40 million to Democrats in the 2022 midterms.