Sam Bankman-Fried loses appeal of fraud conviction in FTX case
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- A federal appeals court upheld the cryptocurrency fraud conviction of FTX founder Sam Bankman-Fried, who is serving a 25-year prison sentence.
- Bankman-Fried, convicted of orchestrating one of the largest financial frauds in history, had his request for a new trial denied earlier in April.
- He was found guilty on seven counts, including fraud, conspiracy, and money laundering, related to misusing customer deposits to cover hedge fund losses and personal expenses.
- In addition to his prison term, Bankman-Fried was ordered to forfeit $11 billion to compensate victims of the FTX collapse.
- The ruling coincides with Bankman-Fried’s recent application for a presidential pardon.