Sam Bankman-Fried
American cryptocurrency entrepreneur convicted of fraud (born 1992)
- Entries
- 14
- On the record
- 12
- Stories
- 2
- Latest entry
- Jun 12, 2026
The record
Samuel Bankman-Fried founded the cryptocurrency exchange FTX and the crypto hedge fund Alameda Research and was FTX's chief executive, according to federal prosecutors. The CFTC says he controlled FTX.com from at least May 2019 until November 11, 2022, and the SEC alleges FTX raised more than $1.8 billion from equity investors over that period, about $1.1 billion of it from roughly 90 U.S.-based investors. He was arrested in the Bahamas on December 12, 2022, on U.S. charges unsealed in Manhattan the next day.
Three federal cases were opened against him on December 13, 2022. The criminal indictment contained eight counts, including conspiracy to defraud the Federal Election Commission and commit campaign finance violations. The SEC accused him of hiding that FTX customer funds were diverted to Alameda, and the CFTC alleged that undisclosed features in FTX's code, including an allow-negative flag and an effectively unlimited line of credit, let Alameda withdraw billions in customer assets. The civil complaints are allegations, not findings.
A jury convicted him on November 2, 2023, of seven counts: two of wire fraud, two of wire fraud conspiracy, and conspiracies to commit securities fraud, commodities fraud and money laundering. The campaign finance count from the original indictment was not among them. Judge Lewis A. Kaplan sentenced him in March 2024 to 25 years in prison and ordered $11 billion in forfeiture, and he appealed his conviction and sentence to the Second Circuit the following month, Reuters reported.
Roles and honours on the record
- 2019-2022 Founder and chief executive officer, FTX source
- as of 2022 Founder, Alameda Research source
- 2022 Defendant, CFTC civil action against Bankman-Fried, FTX Trading and Alameda Research, U.S. District Court for the Southern District of New York source
- 2022-2024 Defendant, United States v. Bankman-Fried, before U.S. District Judge Lewis A. Kaplan, Southern District of New York source
Every entry, newest first
- Ruled
The Second Circuit Court of Appeals rejected Bankman-Fried's appeal in 2026 (the exact date is not stated) Sam Bankman-Fried: 25 years and an $11B forfeiture over FTX
- Ruled
Sentencing and forfeiture order, United States v. Bankman-Fried (25 years in prison and over $11 billion in forfeiture, imposed by Judge Lewis A. Kaplan) Sam Bankman-Fried: 25 years and an $11B forfeiture over FTX
- Ruled
Sentenced to 25 years and ordered to forfeit $11bn, per The Guardian. Investors sue Tom Brady, Gisele Bundchen over FTX promotion
- Ruled
Jury verdict, guilty on all seven counts of fraud and conspiracy Sam Bankman-Fried: 25 years and an $11B forfeiture over FTX
- Filed
Arrested in the Bahamas on December 12, 2022; the US indictment, unsealed the next day, charged fraud, conspiracy to commit money laundering and other crimes (e Sam Bankman-Fried: 25 years and an $11B forfeiture over FTX
- Filed
FTX, Alameda Research and about 130 affiliated entities' Chapter 11 bankruptcy filing, Delaware (Nov. 11, 2022) Sam Bankman-Fried: 25 years and an $11B forfeiture over FTX
Stories in this file
Money ยท โ๏ธ Investors sue Tom Brady, Gisele Bundchen over FTX promotion
Who paid what is not in the record we read. Bundchen's representative declined to comment on the suit. โณ
Business ยท ๐ช Sam Bankman-Fried: 25 years and an $11B forfeiture over FTX
He is appealing the conviction and the forfeiture order; the Supreme Court is set to review his petition later this year. โณ
The record, entry by entry
- 2022-12-12 Official Bankman-Fried was arrested in the Bahamas on U.S. charges and was to be presented before a Bahamian magistrate judge the next day. U.S. Attorney's Office, Southern District of New York, release
- 2022-12-13 Filed Prosecutors unsealed an eight-count indictment charging wire fraud, conspiracies to commit wire, commodities and securities fraud and money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations. U.S. Attorney's Office, Southern District of New York, release
- 2022-12-13 Filed The SEC charged him with violating the anti-fraud provisions of the securities laws, alleging he concealed the diversion of FTX customer funds to Alameda and Alameda's special treatment on the platform, and sought an officer and director bar. U.S. Securities and Exchange Commission, press release 2022-219
- 2022-12-13 Filed The CFTC sued him, FTX Trading and Alameda in the Southern District of New York, alleging customer assets were commingled with Alameda's funds and that the defendants' conduct caused losses of more than $8 billion in FTX customer deposits. Commodity Futures Trading Commission, press release 8638-22
- 2023-11-02 Ruled A jury convicted him of two counts of wire fraud, two of wire fraud conspiracy, and one each of conspiracy to commit money laundering, commodities fraud and securities fraud. The campaign finance count from the original indictment was not among the convictions. U.S. Attorney's Office, Southern District of New York, release 23-380
- 2024-03-28 Ruled Judge Kaplan sentenced him to 25 years in prison and three years of supervised release and ordered $11 billion in forfeiture. The Justice Department said he defrauded FTX investors of more than $1.7 billion and Alameda's lenders of more than $1.3 billion. U.S. Department of Justice, Office of Public Affairs release
- 2024-03-28 Reported At sentencing he told the court he had made a series of bad decisions. Kaplan called the defense argument that customers would be made whole speculative, Reuters reported. Reuters via Yahoo News
- 2024-04-11 Filed He appealed his conviction and 25-year sentence to the U.S. Court of Appeals for the Second Circuit, Reuters reported. Reuters via Yahoo News
Documents
- U.S. Attorney's Office, SDNY, release on the unsealed indictment (Dec. 13, 2022)
- SEC release on its fraud charges (Dec. 13, 2022)
- CFTC release on its fraud charges (Dec. 13, 2022)
- U.S. Attorney's Office, SDNY, statement on the conviction (Nov. 2, 2023)
- Justice Department release on the sentence (March 28, 2024)
Sources behind this file
- CNN report: Supreme Court petition and Eighth Amendment forfeiture challenge
- Reuters report: Bankman-Fried appeals conviction and 25-year sentence
- U.S. Department of Justice statement: 25-year sentence and over $11 billion forfeiture
- Wall Street Journal report: Bankman-Fried sentenced to 25 years
- New York Times report: guilty on all seven counts of fraud and conspiracy
- Reuters report: FTX recovers $7.3 billion in cash and liquid assets
- Reuters report: FTX files for Chapter 11 bankruptcy as CEO exits