Sam Bankman-Fried was sentenced to 25 years in federal prison on March 28, 2024, for his role in fraud tied to FTX and Alameda Research. On June 12, 2026, the U.S. Court of Appeals for the Second Circuit affirmed the judgment, rejecting his challenges to the conviction and forfeiture order.
What was Sam Bankman-Fried sentenced to?
U.S. District Judge Lewis A. Kaplan sentenced Bankman-Fried to 25 years’ imprisonment and three years of supervised release on March 28, 2024. The court also ordered forfeiture of more than $11 billion, according to the U.S. Department of Justice (DOJ). The Second Circuit later described the forfeiture as approximately $11 billion.
The sentence followed a one-month trial. A jury convicted Bankman-Fried on seven fraud and conspiracy counts in November 2023. The verdict comprised two wire-fraud counts, two wire-fraud-conspiracy counts, one securities-fraud-conspiracy count, one commodities-fraud-conspiracy count, and one money-laundering-conspiracy count, according to the DOJ’s sentencing announcement.
Why was Sam Bankman-Fried sentenced to 25 years?
The case concerned the misuse of money connected to FTX customers, investors, and Alameda Research lenders. The DOJ said the conduct involved billions of dollars in FTX customer funds, more than $1.7 billion in fraud against FTX investors, and more than $1.3 billion against Alameda lenders. These are the government’s characterizations in its sentencing announcement.
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Then-U.S. Attorney Damian Williams said Bankman-Fried stole more than $8 billion of customers’ money. The figures describe different groups and categories identified by the DOJ; they should not be added together as if they were a single independently established loss total.
The indictment was unsealed on December 13, 2022. The DOJ’s case page summarizes the charges involving FTX customers and investors and Alameda lenders, among other offenses.
Did Sam Bankman-Fried lose his appeal?
Yes. On June 12, 2026, the Second Circuit affirmed the district court judgment in United States v. Bankman-Fried, No. 24-961. The appellate opinion addressed challenges involving evidentiary rulings, jury instructions, discovery decisions, and forfeiture.
The court held that wire fraud did not require proof that Bankman-Fried intended to cause net financial loss. It also concluded that temporary misappropriation could satisfy the relevant property element and that the district court’s instruction on that point correctly stated the law. These are holdings in this appeal, not a general rule that resolves every fraud case.
The opinion also considered the handling of evidence about loss and intent to repay, a proposed advice-of-counsel defense, discovery, and the forfeiture order. Its disposition was: “The judgment of the district court is affirmed.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is the $11 billion forfeiture the same as victim restitution?
No. The forfeiture order is a criminal penalty based on gains under the statutory framework applied by the appellate court; it is not a restitution award to victims. The DOJ case page describes victims’ rights, including the right to restitution as provided by law, but the reviewed court and DOJ materials do not establish a separate restitution order in this criminal judgment.
The Second Circuit noted that many victims may be made whole, but that observation does not establish that all victims have been repaid. A forfeiture figure should therefore not be presented as the amount returned to FTX customers or as a recovery rate.
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