THE UNITED STATES COURT OF APPEAL FORMALLY UPHELD THE SBF CONVICTION, 25 YEARS' IMPRISONMENT AND $11 BILLION'S CONFISCATION. YOURS

On 7 August, the United States Court of Appeals for the Second Circuit issued an official order upholding the conviction and sentence of former FTX CEO Sam “SBF” Bankman-Fried. Previously, the lower court had found seven of its felonies guilty and sentenced them to 25 years of federal imprisonment. The three circuit judges rejected Bankman-Fried ' s claim that the FTX was sufficiently liquid, that the investor could be paid in full and that there would be no loss, and upheld the $11 billion forfeiture order issued by the New York court in criminal cases. In his opinion, Circuit Judge Barrington D. Parker stated that even if Bankman-Fried felt that he would eventually repay the client, the wire transfer fraud law would not affect the application of the temporary misappropriation of funds or property. When the order came into force, its legal avenues for seeking early release from prison were reduced, including applications for presidential pardons or appeals to the Supreme Court。