The Second Circuit Court of Appeals issued its official judgment mandate on August 4, 2026, formally closing Sam Bankman-Fried's appeal. The move affirms the June 12 ruling that upheld the former FTX CEO's fraud convictions and 25-year prison sentence.
What the mandate does
A mandate is the formal order from an appeals court to the lower court, directing it to enforce the appellate decision. In this case, the Second Circuit's mandate instructs the district court to carry out the judgment affirming Bankman-Fried's convictions and sentence. With the mandate issued, the appeal process at the circuit level is complete.
The mandate removes the last circuit-court uncertainty surrounding one of the industry's largest fraud cases. Bankman-Fried's legal team had challenged his convictions and sentence, but the Second Circuit rejected those arguments in its June 12 decision. The mandate makes that rejection final.
The June 12 ruling
On June 12, 2026, a three-judge panel of the Second Circuit upheld Bankman-Fried's convictions on all counts. The panel also affirmed the 25-year prison sentence imposed by the district court. The ruling was a significant setback for the defense, which had argued that the trial was flawed and the sentence excessive.
The June 12 decision was the culmination of months of briefing and oral arguments. Bankman-Fried's appeal centered on several issues, including jury instructions and evidentiary rulings. The Second Circuit found no reversible error.
What comes next
With the mandate issued, Bankman-Fried has no further options within the circuit court system. He could petition the Supreme Court for a writ of certiorari, but that is a separate and discretionary process. As of the mandate's issuance, no such petition has been filed.
The closure of the appeal brings a measure of finality to a case that has drawn intense public and media attention. FTX's collapse in 2022 led to billions in customer losses and sparked a wave of regulatory scrutiny across the crypto industry. Bankman-Fried's conviction was a landmark moment for prosecutors pursuing fraud in the digital asset space.
Bankman-Fried remains incarcerated at a federal facility. His legal team has not publicly commented on the mandate.
