Sam Bankman-Fried
Sam Bankman-Fried stole over $8 billion in FTX customer funds, according to the Justice Department, while falsely assuring customers that their deposits were safe. He was convicted of seven fraud and conspiracy counts.
At a glance
- What happened
- Bankman-Fried diverted FTX customer deposits to Alameda Research and used customer money for investments, loan repayments, political contributions, and personal benefit. He also misled lenders and investors about the businesses' finances.
- When
- 2019–2022: fraud schemes. 2023: jury conviction. March 28, 2024: sentencing. June 12, 2026: conviction and sentence upheld on appeal.
- Where
- FTX and Alameda operated internationally. The criminal trial took place in federal court in Manhattan, New York.
- Why / motive
- Prosecutors said customer funds financed investments, loan repayments, personal spending, and political donations. These are attributed prosecution findings and descriptions, not a clinical assessment of motive.
- Outcome
- Bankman-Fried received 25 years in prison and approximately $11 billion in forfeiture. Reuters reported that the Second Circuit upheld his conviction and sentence on June 12, 2026.
Who is involved
- Samuel Bankman-Fried — subject
Sources
- Reuters — Bankman-Fried appeal rejected, June 2026“lost his bid to overturn his fraud conviction and 25-year prison sentence”
- U.S. Department of Justice — Bankman-Fried's customer-fund theft“stealing over $8 billion of his customers’ money”
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