Samuel Bankman-Fried · securities fraud · criminal prosecution · crypto assets
Does Sam Bankman-Fried's FTX fraud conviction still stand?
Yes. A jury convicted Samuel Bankman-Fried in November 2023 on seven counts of fraud and conspiracy, and he was sentenced on 28 March 2024 to 25 years in prison with about $11 billion forfeiture. The Second Circuit affirmed on 12 June 2026 and the district court denied a new trial motion on 28 April 2026. As of 30 October 2026 his petition for review in the US Supreme Court (No. 26-349) is pending, with the government's response due 16 November 2026.
Last verified 30 October 2026. United States · Also concerns FTX Trading Ltd.
The record at a glance
| What was alleged? | Federal prosecutors in the Southern District of New York charged that Bankman-Fried defrauded FTX customers and investors and lenders to Alameda Research. The SEC separately alleged he diverted FTX customer funds to Alameda while raising more than $1.8 billion from equity investors.1,2 |
|---|---|
| Who made the claim? | US Attorney's Office for the Southern District of New York and US Securities and Exchange Commission, 13 December 2022 |
| How did Sam Bankman-Fried respond? | Bankman-Fried pleaded not guilty and contests the conviction. In his new trial motion he argued that FTX was not insolvent and that customers were made whole in bankruptcy, according to ABC News. He is seeking Supreme Court review and applied for a presidential pardon in June 2026, according to DOJ records reported by Gizmodo. At sentencing he said he made a series of bad decisions but that they were not selfish ones.3,4,5,6 (the subject's position) |
| Was there an official finding? | Bankman-Fried was convicted on seven counts and sentenced to 25 years, and the Second Circuit affirmed on 12 June 2026.2 A certiorari petition is pending in the US Supreme Court as of 30 October 2026.5 |
| Was liability determined? | Yes, liability was determined. Convicted on seven counts, conviction and sentence affirmed by the Second Circuit on 12 June 2026. Further review is sought by certiorari petition No. 26-349, which does not suspend the conviction.2,5 |
| What changed later? | As of 30 October 2026 the conviction stands affirmed and a petition for certiorari is pending in the US Supreme Court, with the government's response due 16 November 2026.5 |
| When was this checked? | 30 October 2026 |
What was alleged?
Federal prosecutors in the Southern District of New York charged that Bankman-Fried defrauded FTX customers and investors and lenders to Alameda Research. The SEC separately alleged he diverted FTX customer funds to Alameda while raising more than $1.8 billion from equity investors.1,2
Made by US Attorney's Office for the Southern District of New York and US Securities and Exchange Commission on 13 December 2022.
What did Sam Bankman-Fried say?
Bankman-Fried pleaded not guilty and contests the conviction. In his new trial motion he argued that FTX was not insolvent and that customers were made whole in bankruptcy, according to ABC News. He is seeking Supreme Court review and applied for a presidential pardon in June 2026, according to DOJ records reported by Gizmodo. At sentencing he said he made a series of bad decisions but that they were not selfish ones.3,4,5,6
"I made a series of bad decisions"
Samuel Bankman-Fried, at sentencing (as reported by The Washington Post), 28 March 2024. This is the subject's own account, not a finding.
What do independent records show?
Complaint, SEC v. Bankman-Fried (Press Release 2022-219)
US Securities and Exchange Commission, 13 December 2022
The SEC charged violations of the antifraud provisions of the Securities Act and Exchange Act, alleging undisclosed diversion of FTX customer funds to Alameda Research and an effectively unlimited credit line for Alameda.1
Judgment, United States v. Bankman-Fried, No. 22-cr-00673
US District Court for the Southern District of New York (Judge Lewis A. Kaplan), 28 March 2024
Sentence of 25 years' imprisonment and three years of supervised release, with forfeiture of $11,020,000,000, following conviction on two counts of wire fraud, two counts of wire fraud conspiracy, and conspiracy counts for securities fraud, commodities fraud and money laundering.2
Order denying motion for a new trial (reported)
US District Court for the Southern District of New York (Judge Lewis A. Kaplan), 28 April 2026
The court rejected the claim that newly discovered witnesses would give favourable testimony, finding the witnesses were known to Bankman-Fried before trial, according to ABC News.4
United States v. Bankman-Fried, No. 24-961-cr, opinion by Judge Barrington D. Parker
US Court of Appeals for the Second Circuit, 12 June 2026
The panel of Judges Parker, Lee and Kahn affirmed the judgment, including the forfeiture.2
Bankman-Fried v. United States, No. 26-349, petition for a writ of certiorari
Supreme Court of the United States, 10 September 2026
Petition filed 10 September 2026 and docketed 15 September 2026. Several amicus briefs were filed on 15 October 2026. The government's response deadline was extended to 16 November 2026.5
What was established?
- Bankman-Fried was convicted on seven counts and sentenced to 25 years, and the Second Circuit affirmed on 12 June 2026.2
- A certiorari petition is pending in the US Supreme Court as of 30 October 2026.5
Distinctions that matter here
- An affirmed conviction remains in force while a certiorari petition is pending.
- A pardon application is not a pardon or commutation and none has been granted in records reviewed.
- FTX Trading Ltd. was not the criminal defendant in this case.
Was liability determined?
Yes, liability was determined. Convicted on seven counts, conviction and sentence affirmed by the Second Circuit on 12 June 2026. Further review is sought by certiorari petition No. 26-349, which does not suspend the conviction.2,5
What remains unresolved?
- Whether the Supreme Court will grant or deny the petition in No. 26-349.
- The outcome of Bankman-Fried's pardon application, reported in June 2026.
- The SEC and CFTC civil cases and FTX's own liability were not reviewed in detail for this matter.
What is the current status?
As of 30 October 2026 the conviction stands affirmed and a petition for certiorari is pending in the US Supreme Court, with the government's response due 16 November 2026.5
As of 30 October 2026. Next known step: 16 November 2026 government response due in Supreme Court No. 26-349.
Timeline
- SEC charges announced alongside parallel criminal charges.1
- Jury convicts Bankman-Fried on all seven counts.2,7
- Sentenced to 25 years.2,3
- Second Circuit hears argument.2
- New trial motion denied.4
- Second Circuit affirms.2
- Certiorari petition filed.5
Sources
- US Securities and Exchange Commission, SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX (Press Release 2022-219), 13 December 2022 · document record Court, legislation, official register or regulator record
- US Court of Appeals for the Second Circuit (copy hosted by Courthouse News), United States v. Bankman-Fried, No. 24-961-cr (opinion), 12 June 2026 · document record Court, legislation, official register or regulator record
- Stars and Stripes (The Washington Post), Sam Bankman-Fried sentenced to 25 years (The Washington Post, republished), 28 March 2024 Independent reporting
- ABC News (Good Morning America), Judge denies new trial for Sam Bankman-Fried (ABC News), 28 April 2026 Independent reporting
- Supreme Court of the United States, Docket No. 26-349, Samuel Bankman-Fried v. United States · document record Court, legislation, official register or regulator record
- Gizmodo, Convicted Crypto Fraudster Sam Bankman-Fried Officially Files for Trump Pardon, 8 June 2026 Independent reporting
- Law.com, The Recorder, FTX Founder Sam Bankman-Fried Found Guilty on All Counts in Crypto Fraud Trial, 2 November 2023 Independent reporting
Revision history
- 30 October 2026: First published after source verification.
Related: Samuel Bankman-Fried, securities fraud, criminal prosecution, crypto assets, United States. To submit a document or request a correction, see right of reply.