Trump must not pardon Sam Bankman-Fried

If President Trump is serious about restoring trust in the system and standing against corruption, he must not pardon Sam Bankman-Fried.

The disgraced crypto billionaire, convicted of one of the largest financial frauds in modern history, has set his sights on clemency. His parents, both prominent legal scholars, are reportedly lobbying behind the scenes to secure a deal to reduce his 25-year fraud sentence.

This cannot happen.

Bankman-Fried’s crimes were not accidents. They were not the result of reckless investing or unforeseen market downturns. They were intentional, calculated and executed with the arrogance of a man who believed he was above consequences. He defrauded thousands of people, wiping out their life savings, all while positioning himself as a caring, progressive wunderkind who could reshape the world of finance.

He played politicians, journalists and regulators like puppets, all while running what amounted to a Ponzi scheme disguised as a cutting-edge cryptocurrency exchange.

FTX was not just a failing business; it was a criminal empire. Bankman-Fried received billions in customer deposits and, rather than safeguard them, funneled the money into his own trading firm, Alameda Research. He treated customer funds like his own personal piggy bank, indulging in extravagant spending on real estate, political donations and a lavish lifestyle for himself and his close associates. His empire spent $40 million on luxury real estate in the Bahamas, $15 million on private jet charters and catering, and $135 million on naming rights for the Miami Heat arena.

Unlike other financial criminals, who at least attempt to cover their tracks, Bankman-Fried did the opposite. He flaunted his wealth and influence. He became one of the biggest donors to the Democratic Party, using his stolen fortune to buy political access and shield himself from scrutiny. Simultaneously, he cultivated a carefully crafted public persona that centered on an alleged commitment to “effective altruism.” It was merely an elaborate performance designed to persuade others that he was the least likely individual to commit fraud.

And it worked — until the house of cards came tumbling down.

When FTX imploded in November 2022, the extent of the devastation became clear. Thousands of investors, from small-time traders to institutional firms, lost everything. Unlike Wall Street crashes that mainly impact hedge funds and banks, FTX’s fraud deeply affected everyday lives. Ordinary people who had trusted Bankman-Fried’s assurances of security and innovation woke up to discover their savings wiped out. Some lost their retirement funds, while others were left with nothing but debt.

It was effective avarice writ large.

A pardon for Bankman-Fried would send a message that financial crimes, regardless of their audacity, lack serious consequences. It would reinforce the growing belief that America has a two-tiered justice system — one where the well-connected and politically advantageous get a free pass while ordinary people face harsh penalties.

Trump presents himself as the candidate of law and order. He ran on the idea of draining the swamp. To remain consistent, there is no reason to allow Bankman-Fried to walk free.

The idea that he should be pardoned simply because other financial criminals have gone unpunished is fundamentally flawed. In fact, it’s absurd. It's akin to arguing that a bank robber should be allowed to keep stolen money because some burglars escape capture, or that a getaway driver deserves immunity because not every speeder gets a ticket.

Justice is not about addressing past failures retroactively; it’s about upholding the law as it exists today.

Let’s not forget that Bankman-Fried’s fraud was so egregious that even an administration as compromised as former President Joe Biden’s had to take action. The Justice Department, which has ignored numerous financial and political scandals, had no choice but to prosecute.

If even they couldn’t overlook his crimes, how could Trump justify absolving him?

Bankman-Fried embodies everything Americans loathe about the corrupt elite. He was not a visionary entrepreneur taking a reckless gamble; he was a con-artist convinced that his wealth and political connections rendered him untouchable. He was greedy, smug and absolutely ruthless. His entire empire was built on lies, and when it crumbled, he pretended to be innocent, insisting it was merely an unfortunate mistake rather than the outcome of intentional deception.

President Trump is seen by millions as a voice for the voiceless. In other words, he represents the very people whom Bankman-Fried swindled — working-class Americans, retirees and small investors. Betraying them now by making a deal with one of the most brazen financial criminals of our time would undermine everything he claims to stand for.

Justice cannot be selective. Criminals must understand that there is a line — and if you cross it, you will pay.

John Mac Ghlionn is a writer and researcher who explores culture, society and the impact of technology on daily life. His work appears in outlets like The New York Post and Newsweek.

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