The U.S. Court of Appeals for the Second Circuit affirmed Sam Bankman-Fried's criminal fraud conviction and upheld an $11 billion forfeiture order on June 13, 2026, closing the appellate chapter of the government's case against the former FTX chief executive [1]. A three-judge panel, composed of Judges Barrington D. Parker, Eunice Lee, and Maria Araújo Kahn, rejected Bankman-Fried's contention that prejudicial trial rulings had prevented him from mounting an adequate defense, describing the government's evidence against him as "overwhelming" [1].
Bankman-Fried was convicted at trial in the Southern District of New York on charges arising from his operation of FTX, the now-collapsed cryptocurrency exchange, and Alameda Research, its affiliated trading firm. The government alleged that he misappropriated billions of dollars in customer funds, directing their use for personal expenditures, political donations, and speculative investments. The $11 billion forfeiture figure represents the government's calculation of proceeds traceable to the fraud. Federal forfeiture in criminal cases is governed by 18 U.S.C. § 981 and related statutes, which authorize disgorgement of proceeds derived from specified unlawful activity.
On appeal, Bankman-Fried's legal team argued that the district court's evidentiary and procedural rulings at trial were sufficiently prejudicial to warrant reversal. The Second Circuit panel disagreed on each point [1]. The panel also addressed the constitutionality of the forfeiture order, rejecting the argument that the $11 billion figure was disproportionate or otherwise infirm under governing precedent [1]. The ruling leaves the sentence, which includes a 25-year prison term imposed by the district court, intact.
Bankman-Fried has separately filed a pardon application with the Office of the Pardon Attorney, a step that operates outside the judicial system and turns entirely on executive discretion [1]. Beyond that application, his remaining judicial options are narrow. He could seek en banc reconsideration by the full Second Circuit or file a petition for a writ of certiorari with the U.S. Supreme Court, though the latter faces long odds absent a circuit split or a question of substantial constitutional significance. The Second Circuit's ruling effectively forecloses further appellate review in the ordinary course, making the pardon application, and any future collateral proceedings, the primary vehicles through which Bankman-Fried could seek relief.