Sam Bankman-Fried will not be getting a do-over. The US Court of Appeals for the Second Circuit has upheld his conviction on seven counts of fraud and conspiracy, affirming both his 25-year prison sentence and a forfeiture order of approximately $11B.
The Second Circuit’s decision, handed down on June 12, described the prosecution’s case as “robust.”
SBF’s legal team had built their appeal around claims of procedural unfairness. The core argument: Judge Lewis A. Kaplan, who presided over the original trial, had improperly restricted the defense from presenting evidence about legal advice SBF received and claims regarding FTX’s solvency. The appellate court wasn’t persuaded. It found no reversible error in Judge Kaplan’s handling of the proceedings and concluded that the trial struck a sufficient balance between the prosecution and defense.
SBF’s attorneys also raised allegations of judicial bias against Judge Kaplan. The court dismissed those too.
Oral arguments had been heard back on November 4, 2025, giving the three-judge panel more than seven months to deliberate.
