FTX Founder 'Sam Bankman-Fried' Direct Appeal Concludes...Last Hope is 'Trump Pardon'

▲ Sam Bankman-Fried, Donald Trump/AI Generated Image

As FTX founder Sam Bankman-Fried's direct appeal process effectively concluded, the avenues to overturn his 25-year prison sentence and $11 billion forfeiture order have narrowed to the Supreme Court and a presidential pardon.

According to crypto media outlet BeInCrypto on August 4 (local time), the Second U.S. Circuit Court of Appeals issued an order in Bankman-Fried's case. The issuance of the order officially enforces the appellate court's ruling and returns jurisdiction of the case to the U.S. District Court for the Southern District of New York.

On June 12, the appellate court unanimously upheld the guilty verdict on 7 charges, including fraud and conspiracy, applied to Bankman-Fried. The 25-year prison sentence and the $11 billion forfeiture order were also affirmed. The court stated that the evidence presented by the prosecution was “conservatively strong.”

Bankman-Fried's side argued that the trial court prevented them from presenting sufficient evidence to show FTX's solvency and legal advice, thus denying him a fair trial. The appellate court ruled that fraud was established at the point when customer funds were transferred to Alameda Research, and the argument that customers could have been repaid in the future does not change the validity of the crime.

Under court procedures, Bankman-Fried can request a review of his case by the Supreme Court. As a political avenue, a presidential pardon application submitted to the Department of Justice's Office of the Pardon Attorney in June remains. However, the U.S. Senate unanimously passed a resolution opposing Bankman-Fried's pardon and commutation. The resolution is not legally binding and therefore does not limit U.S. President Donald Trump's constitutional power to pardon.

Bankman-Fried is serving his sentence in a federal prison in California, with a projected release date of 2044. The direct appeal ruling became effective with the issuance of the order, and the guilty verdict and sentence remain unchanged.

[Article Key Summary]

-The Second U.S. Circuit Court of Appeals issued an order in the Bankman-Fried case, concluding the direct appeal process.

-The guilty verdict on 7 charges, including fraud and conspiracy, along with the 25-year prison sentence and $11 billion forfeiture order, were upheld.

-A request for Supreme Court review and a pardon application to U.S. President Donald Trump remain.

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