A federal appeals courtroom on Friday upheld the cryptocurrency fraud conviction of FTX founder Sam Bankman-Fried.
The opinion got here the identical week that Bankman-Fried, 34, submitted his software for a presidential pardon.
Bankman-Fried was convicted of masterminding one of many largest monetary frauds in historical past stemming from the collapse of the crypto-exchange FTX. He’s serving a 25-year jail sentence.
The appeals courtroom ruling comes after a federal choose in April denied Bankman-Fried a brand new trial, rejecting his declare that there are newly found witnesses who would give exculpatory testimony.
FTX founder Sam Bankman-Fried leaves Manhattan federal courtroom in New York, Feb. 16, 2023.
John Minchillo/AP
Bankman-Fried was charged with seven counts of fraud, conspiracy and cash laundering in what federal prosecutors have described as “one of many greatest monetary frauds in American historical past.”
Prosecutors mentioned he used buyer deposits on FTX to cowl losses at his hedge fund, repay loans and purchase lavish actual property, amongst different private bills.
A jury discovered him responsible on all expenses in his 2023 federal fraud and conspiracy trial.
Along with the jail sentence he was handed down in 2024, Bankman-Fried was ordered to forfeit $11 billion that the federal government can use to compensate victims.
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