Appeals court upholds FTX co-founder Sam Bankman-Fried's fraud conviction

A federal appeals court in Manhattan has upheld Sam Bankman-Fried's fraud conviction, finding the 2023 trial fair and the evidence credible. The 2nd U.S. Circuit Court of Appeals described the government’s case as conservatively stated and robust, showing Bankman-Fried defrauded customers and investors while steering billions to personal uses and falsifying records to conceal transactions. The panel rejected the defense claim that rulings limiting admissible evidence made the trial unfair, noting that oral arguments occurred in November 2025. Judge Barrington D. Parker authored the opinion. FTX’s 2022 collapse left more than $11 billion in losses, and the 25-year sentence remained intact after sentencing in 2023.