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The U.S. Court of Appeals for the Second Circuit has issued its mandate affirming Sam Bankman-Fried’s fraud conviction and 25-year prison sentence, completing his ordinary appeal before the Manhattan-based court.
The mandate makes effective the court’s June 12 judgment rejecting the FTX founder’s challenge to seven fraud and conspiracy convictions. Bankman-Fried can still petition the U.S. Supreme Court for review. Under Second Circuit rules, a mandate takes effect when issued and terminates the appeals court’s jurisdiction over the case.
Second Circuit Rejects Bankman-Fried’s Unfair-Trial Arguments
A three-judge panel unanimously affirmed Bankman-Fried’s conviction after hearing arguments on November 4, 2025. His lawyers argued that evidentiary and procedural rulings by U.S. District Judge Lewis Kaplan prevented him from fully presenting his defense and made the trial fundamentally unfair.
The Second Circuit rejected challenges involving evidence, jury instructions, discovery, and the forfeiture order. The judges described the government’s evidence as robust, citing testimony and records showing that Bankman-Fried transferred billions of dollars in FTX customer funds to Alameda Research and other uses while publicly assuring customers that their assets were safe.
Seven Convictions and $11.02B Forfeiture Remain Intact
A Manhattan federal jury convicted Bankman-Fried in November 2023 on two wire-fraud counts and five conspiracy counts involving wire fraud, securities fraud, commodities fraud and money laundering.
Kaplan sentenced him to 25 years in prison in March 2024 and imposed approximately $11.02 billion in forfeiture. The Second Circuit upheld that judgment and rejected Bankman-Fried’s argument that the amount violated the Eighth Amendment’s Excessive Fines Clause.
The panel also rejected his argument that evidence showing customers could eventually be repaid should have carried greater weight. It held that an expectation of eventual repayment does not excuse fraud committed when victims are induced through deception to part with money or property.
Supreme Court Petition is Bankman-Fried’s Next Appeal Route
The mandate ends the Second Circuit phase of Bankman-Fried’s direct appeal. His remaining route for direct review is a petition asking the Supreme Court to hear the case.
Bankman-Fried has separately applied for presidential clemency. In July, the Senate unanimously approved a nonbinding resolution stating that he should not receive a pardon, commutation, or other executive clemency.
Unless the Supreme Court agrees to review the case or another form of post-conviction relief succeeds, his seven convictions, 25-year sentence and approximately $11.02 billion forfeiture remain in place.
