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

Bankman-Fried has submitted an application for a presidential pardon.

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

The opinion came the same week that Bankman-Fried, 34, 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.

The appeals court ruling comes after a federal judge in April denied Bankman-Fried a new trial, rejecting his claim that there are newly discovered witnesses who would give exculpatory testimony.

Bankman-Fried was charged with seven counts of fraud, conspiracy and money laundering in what federal prosecutors have described as "one of the biggest financial frauds in American history."

Prosecutors said he used customer deposits on FTX to cover losses at his hedge fund, pay off loans and buy lavish real estate, among other personal expenses.

A jury found him guilty on all charges in his 2023 federal fraud and conspiracy trial .

In addition to the prison sentence he was handed down in 2024, Bankman-Fried was ordered to forfeit $11 billion that the government can use to compensate victims.

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

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