1 of 2 | Former FTX chief executive Sam Bankman-Fried arrives in January 2023 at the Manhattan Federal Court in New York City. Bankman-Fried has applied for a pardon from President Donald Trump. Photo by John Angelillo/UPI | License Photo
June 8 (UPI) — Sam Bankman-Fried, a one-time billionaire and cryptocurrency executive now in prison for fraud, has applied for a pardon from President Donald Trump.
Bankman-Fried, 34, was convicted in 2023 on multiple fraud charges for his role in a massive financial scheme scheme that prosecutors called one of the largest financial frauds in U.S. history, Politico reported.
He was the founder and former chief executive of FTX, a major cryptocurrency exchange, and related company Alameda Research, The BBC said. He also lobbied extensively on cryptocurrency regulations and made many political donations.
Prosecutors said Bankman-Fried took FTX customer funds for personal use and to prop up another crypto firm that he’d founded, Politico said.
After his conviction on all seven counts — two wire fraud conspiracy, two wire fraud, one money-laundering conspiracy, one commodities fraud conspiracy and one conspiracy to commit securities fraud — with which he’d been charged, he was sentenced to 25 years in prison.
Prosecutors had sought a 40- to 50-year sentence, saying he “victimized tens of thousands of people and companies, across several continents, over a period of multiple years.”
“He stole money from customers who entrusted it to him, he lied to investors, he sent fabricated documents to lenders, he pumped millions of dollars in illegal donations into our political system and he bribed foreign officials,” prosecutors said. “Each of these crimes is worthy of a lengthy sentence.”
Bankman-Fried applied for a pardon after his sentence is completed, not a commutation, which would end his sentence. He is appealing his conviction, but a judge recently rejected his request for a new trial, Politico said. He maintains his innocence.
Trump has pardoned many people in his second term, including the leader of the crypto platform Binance, who pleaded guilty to money-laundering charges in 2023. The White House did not comment on the pardon request Monday. The New York Times reported in January that Trump said then that he would not pardon Bankman-Fried.
President Donald Trump discusses renovations to the Lincoln Reflecting Pool and makes an announcement on coal in the Oval Office at the White House on Thursday. Photo by Samuel Corum/UPI | License Photo
