Sam Bankman-Fried

Sam Bankman-Fried, the founder and former CEO of the cryptocurrency exchange FTX and the trading firm Alameda Research, was convicted of orchestrating one of the largest financial frauds in U.S. history. Following a November 2023 trial, he was found guilty on seven counts of wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering. On March 28, 2024, he was sentenced to 25 years in federal prison and ordered to pay $11 billion in forfeiture. Federal prosecutors established that Bankman-Fried misappropriated over $8 billion in customer funds to finance his personal investments, real estate purchases, and over $100 million in political contributions. He also utilized deceptive practices, including altering computer code to provide Alameda with unlimited credit and falsifying financial statements to mislead lenders and investors. The government additionally alleged that Bankman-Fried engaged in illegal campaign finance schemes, attempted to tamper with witnesses, committed perjury, and directed a $40 million bribe to Chinese government officials to unfreeze Alameda trading accounts. While a second trial was initially planned to address additional charges including the bribery allegations, prosecutors ultimately decided not to proceed, citing the desire for a swift resolution for victims. Bankman-Fried’s conviction was upheld following an appeal decided on June 12, 2026.