{"id":27706,"date":"2026-08-04T20:36:22","date_gmt":"2026-08-04T15:36:22","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=27706"},"modified":"2026-08-04T20:36:22","modified_gmt":"2026-08-04T15:36:22","slug":"sam-bankman-frieds-appeal-denied-by-federal-court","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=27706","title":{"rendered":"Sam Bankman-Fried&#8217;s appeal denied by federal court"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\" data-testid=\"prism-article-body\">\n<p class=\"EkqkG IGXmU nlgHS yuUao MvWXB TjIXL aGjvy ebVHC \">A federal appeals court in New York on Tuesday upheld <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/US\/sam-bankman-fried-loses-appeal-fraud-conviction-ftx\/story?id=133817346\" dir=\"ltr\">Sam Bankman-Fried<\/a>&#8216;s conviction on fraud and conspiracy charges that followed the collapse of his crypto exchange, FTX.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">In 2024, Bankman-Fried <a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/US\/sam-bankman-fried-sentenced-thursday-financial-fraud\/story?id=108554809\" dir=\"ltr\">was sentenced to 25 years in prison<\/a> for orchestrating what prosecutors have called<!-- -->\u00a0<a class=\"zZygg UbGlr iFzkS qdXbA WCDhQ DbOXS tqUtK GpWVU iJYzE \" data-testid=\"prism-linkbase\" href=\"https:\/\/abcnews.com\/Business\/timeline-cryptocurrency-exchange-ftxs-historic-collapse\/story?id=93337035\" target=\"_blank\" dir=\"ltr\">one of the biggest financial frauds<\/a>\u00a0<!-- -->in American history.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">A three-judge panel of the 2<sup class=\" \">nd<\/sup>\u00a0<!-- -->U.S. Circuit Court of Appeals decided that Bankman-Fried was the &#8220;driving force&#8221; behind a fraud that misappropriated billions of dollars from customers and investors.<\/p>\n<div class=\"oLzSq QrHMO fnRUo pvsTF EhJPu vPlOC zNYgW OsTsW RMeqy daRVX ISNQ sKyCY eRftA acPPc MENS nFwaT MCnQE mEeeY SmBjI xegrY rPLsU iulOd NIuqO zzscu lzDCc aHUBM IEgzD OjMNy eQqcx SVqKB GQmdz jaoD VWDdR ONJdw vrZxD OnRTz gbbfF roDbV GPGwb oMlSS gfNzt oJhud eXZcf zhVlX \">\n<div>\n<div class=\"InlineImage GpQCA lZur asrEW \" data-testid=\"prism-inline-image\">\n<figure class=\"kzIjN GNmeK pYrtp dSqFO \" data-testid=\"prism-figure\">\n<div class=\"GpQCA lZur \" style=\"padding-bottom:66.62808641975309%\" data-testid=\"prism-ratio-frame\">\n<div class=\"FvQLF iLTd NqeUA UzzHi iWsMV \"><picture data-testid=\"prism-picture\"><source media=\"(max-width: 414px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/99b8b081-c9fb-487d-bba3-f7b142958c50\/sam-bankman-fried-gty-jef-260804_1785855767528_hpMain.jpg?w=375, https:\/\/i.abcnewsfe.com\/a\/99b8b081-c9fb-487d-bba3-f7b142958c50\/sam-bankman-fried-gty-jef-260804_1785855767528_hpMain.jpg?w=750 2x\"\/><source media=\"(min-width: 415px)\" srcset=\"https:\/\/i.abcnewsfe.com\/a\/99b8b081-c9fb-487d-bba3-f7b142958c50\/sam-bankman-fried-gty-jef-260804_1785855767528_hpMain.jpg?w=750, https:\/\/i.abcnewsfe.com\/a\/99b8b081-c9fb-487d-bba3-f7b142958c50\/sam-bankman-fried-gty-jef-260804_1785855767528_hpMain.jpg?w=1500 2x\"\/><img decoding=\"async\" alt=\"\" class=\"hsDdd NDJZt sJeUN IJwXl vBqtr KrDt itslR SjwtZ hakZw HlUVI \" data-testid=\"prism-image\" draggable=\"false\" loading=\"lazy\" src=\"https:\/\/i.abcnewsfe.com\/a\/99b8b081-c9fb-487d-bba3-f7b142958c50\/sam-bankman-fried-gty-jef-260804_1785855767528_hpMain.jpg\"\/><\/picture><\/div>\n<\/div><figcaption>\n<div class=\"nMMea bNYiy Mjgpa dGwha DDmxa jgKNG RGHCC aBIU PriDW aiQHS lZur \" data-testid=\"prism-caption\">\n<p><span class=\"hsDdd OOSI GpQCA lZur VlFaz \" data-testid=\"prism-truncate\"><span><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ \">Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail hearing ahead of his October trial, in New York City on July 26, 2023.<\/span><\/span><\/span><\/p>\n<p><span class=\"gtOSm FbbUW tUtYa vOCwz EQwFq yCufu eEak Qmvg nyTIa SRXVc vzLa jgBfc WXDas CiUCW kqbG zrdEG txGfn ygKVe BbezD UOtxr CVfpq xijV soGRS XgdC sEIlf daWqJ YNujN JGtjI aZFDu rkKLh \">Angela Weiss\/AFP via Getty Images<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Bankman-Fried secured investments in FTX by promising customers their funds would be secure and used only for cryptocurrency transactions on FTX. Instead, Bankman-Fried freely transferred investor funds to a hedge fund he controlled, Alameda, and used those funds for purposes investors had not authorized, including for his own personal benefit, officials said.<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">Bankman-Fried argued on appeal that the trial judge wrongly precluded him from introducing evidence that, despite his many unauthorized transactions, his investments were sound and over time investors would be made whole.<!-- -->\u00a0<!-- -->\u00a0<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC TjIXL aGjvy \">The appellate court said that line of defense has been rejected by the U.S. Supreme Court, which has said that fraud occurs when a defendant uses a material misstatement to trick a victim into forking over money, regardless of whether he intended to cause the victim to lose money.<!-- -->\u00a0<!-- -->\u00a0<\/p>\n<p class=\"EkqkG IGXmU nlgHS yuUao lqtkC eTIW sUzSN \">&#8220;To secure Bankman-Fried&#8217;s fraud conviction, the government did not need to prove intent to cause economic loss,&#8221; the opinion said.<!-- -->\u00a0<!-- -->&#8220;As the district court made clear, FTX customers were defrauded as soon as Bankman-Fried transferred their money to [his cryptocurrency trading firm] Alameda regardless of how strongly he believed he might later return the money.&#8221;<\/p>\n<\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>A federal appeals court in New York on Tuesday upheld Sam Bankman-Fried&#8216;s conviction on fraud and conspiracy charges that followed the collapse of his crypto exchange, FTX. In 2024, Bankman-Fried was sentenced to 25 years in prison for orchestrating what prosecutors have called\u00a0one of the biggest financial frauds\u00a0in American history. A three-judge panel of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":27707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/i.abcnewsfe.com\/a\/99b8b081-c9fb-487d-bba3-f7b142958c50\/sam-bankman-fried-gty-jef-260804_1785855767528_hpMain_16x9.jpg?w=1600","fifu_image_alt":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-27706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abc-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/27706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27706"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/27706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/27707"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}