The US Court of Appeals for the Second Circuit issued a formal mandate affirming the conviction of former FTX CEO Sam Bankman-Fried on seven felony counts and his 25-year federal prison sentence. Three circuit judges rejected Bankman-Fried’s claims that FTX had sufficient liquidity to fully repay investors. The court also upheld an 11 billion dollar forfeiture order as part of the criminal case. Bankman-Fried now has few legal options for early release, including a presidential pardon or Supreme Court appeal. President Donald Trump said in January he had no plans to issue a pardon, and the US Senate unanimously adopted a resolution opposing clemency.
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