Former FTX CEO Sam Bankman-Fried has lost his appeal seeking a new trial, with a federal appeals court upholding his fraud conviction and 25-year prison sentence.
What Happened
On Friday, the U.S. Court of Appeals for the Second Circuit affirmed the conviction of Sam Bankman-Fried, rejecting arguments that he was denied a fair trial and improperly prevented from presenting key evidence.
The decision leaves intact the verdict reached by a New York jury in November 2023, which found Bankman-Fried guilty on seven counts of fraud and conspiracy tied to the collapse of cryptocurrency exchange FTX, The Block reported.
Prosecutors characterized the scheme as one of the largest financial frauds in recent history, drawing comparisons to the Ponzi scheme run by Bernie Madoff.
