Sam Bankman-Fried loses appeal of fraud conviction in FTX case

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Sam Bankman-Fried loses appeal of fraud conviction in FTX case

Posted today at 9:42am

ormer FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City. (Photo by Michael M. Santiago/Getty Images)

(NEW YORK) -- A federal appeals court on Friday upheld the cryptocurrency fraud conviction of FTX founder Sam Bankman-Fried.

The opinion came the same week Bankman-Fried submitted his application for a presidential pardon.

Bankman-Fried was convicted of masterminding one of the largest financial frauds in history stemming from the collapse of the crypto-exchange FTX. He is serving a 25-year prison sentence.

This is a developing story. Please check back for updates.

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