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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsSam Bankman-Fried was convicted in November 2023 on seven federal counts arising from the collapse of FTX and Alameda Research. In March 2024, he was sentenced to 25 years in prison. On June 12, 2026, the U.S. Court of Appeals for the Second Circuit affirmed the judgment, leaving the conviction and sentence in place as of October 8, 2026.
What was the case about?
Bankman-Fried co-founded FTX, a cryptocurrency exchange, and Alameda Research, a cryptocurrency trading firm. The U.S. Department of Justice (DOJ) said the case concerned misuse of FTX customer funds and false or misleading statements to customers, investors and lenders. According to DOJ’s account of the evidence and filings, customer money was used for personal purposes, investments, political contributions and repayment of Alameda loans, despite assurances that deposits were safe, held for customers, separate from company assets and not to be used by FTX. Those descriptions are the prosecution’s account of the case, not a separate calculation of loss by the appeals court. DOJ’s sentencing announcement sets out its account.
DOJ reported more than $8 billion of customer money stolen, more than $1.7 billion in investor fraud and more than $1.3 billion in Alameda lender fraud. Those are figures attributed to the U.S. Attorney’s Office for the Southern District of New York in 2024; they should not be added together or treated as a court-calculated loss total. The sentencing release attributes the figures to U.S. Attorney Damian Williams.
What was he charged with, and what did the jury decide?
The DOJ’s case page describes an original eight-count indictment unsealed on December 13, 2022. That is not the same as the number of counts on which the jury convicted Bankman-Fried. On November 2, 2023, a jury in the U.S. District Court for the Southern District of New York found him guilty on seven counts. Judge Lewis A. Kaplan presided over the trial, which DOJ characterized as one month long. The DOJ case page describes the indictment; the verdict announcement lists the convictions.
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| Count type | Jury result |
|---|---|
| Wire fraud | Two counts |
| Conspiracy to commit wire fraud | Two counts |
| Conspiracy to commit securities fraud | One count |
| Conspiracy to commit commodities fraud | One count |
| Conspiracy to commit money laundering | One count |
The verdict announcement records the seven convictions. It does not establish that all eight counts in the original indictment resulted in trial convictions.
What sentence did Bankman-Fried receive?
On March 28, 2024, Judge Kaplan sentenced Bankman-Fried to 25 years in prison. The Second Circuit’s later description of the judgment also records three years of supervised release and approximately $11 billion in forfeiture. Forfeiture is distinct from the prison term and supervised release; the appellate opinion describes it as part of the judgment. DOJ announced the prison sentence, and the Second Circuit opinion describes the judgment’s additional terms.
Did the appeals court overturn his conviction?
No. On June 12, 2026, the Second Circuit affirmed the district court’s judgment. The panel considered challenges involving evidentiary rulings, jury instructions, discovery-related decisions and forfeiture, and concluded that the challenged rulings did not require reversal. It also held that the forfeiture was authorized and not constitutionally excessive. The opinion followed oral argument on November 4, 2025. Read the Second Circuit’s opinion in United States v. Bankman-Fried.
The court’s ruling on temporary misappropriation
One issue was whether fraud required an intent to cause permanent economic loss. The Second Circuit agreed that, in this case, the government did not have to prove that. If jurors found that Bankman-Fried knowingly joined a scheme to deceive victims and deprive them of money or property, even temporarily, later repayment or a belief that repayment would eventually occur did not excuse the conduct. This describes the panel’s holding in this case, not a complete explanation of every fraud charge.
Where does the case stand now?
The latest procedural endpoint established here is the Second Circuit’s June 12, 2026 affirmance. That means the appellate court left the district court judgment in place. The available sources establish that disposition but do not establish whether any further proceedings occurred after the opinion.
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