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Appellate court issues mandate upholding SBF conviction and 25-year sentence
The Second Circuit’s formal mandate, issued after its June 12 ruling, upholds a lower court conviction on seven felony counts and leaves Bankman-Fried with limited paths to seek early release.
Cointelegraph reports that the US Court of Appeals for the Second Circuit has issued a formal mandate affirming the conviction and 25-year federal prison sentence of former FTX CEO Sam “SBF” Bankman-Fried.
The decision follows a June 12 appellate ruling, which upheld a lower court’s judgment convicting Bankman-Fried on seven felony counts and reaffirming part of the criminal case tied to an $11 billion forfeiture order, according to the report.
Cointelegraph says three circuit judges disputed Bankman-Fried’s argument that FTX had sufficient liquidity to make investors whole and prevent losses.
The outlet also notes that the court rejected his intent-to-repay defense, stating in the opinion that wire fraud law covers temporary misappropriation and that customers were defrauded once money was transferred to Alameda.
With the mandate now official, Cointelegraph reports that Bankman-Fried has few legal routes to seek early release, including a presidential pardon or a Supreme Court appeal, and adds that Trump said in January he had no plans to pardon him while the US Senate adopted a resolution opposing clemency last month.