Sam Bankman-Fried's fraud conviction appeal denied

Article excerpt

A federal appeals court has rejected Sam Bankman-Fried's attempt to overturn his fraud conviction, leaving the FTX founder's guilty verdict intact. Bankman-Fried was convicted in November 2023 on eight counts including wire fraud, money laundering, and conspiracy related to the 2022 collapse of his cryptocurrency exchange that cost investors and customers billions of dollars. He was sentenced to 25 years in prison, though prosecutors had sought up to 115 years. The three-judge appellate panel provided no elaboration in denying his challenge, effectively closing one major legal avenue for the once-celebrated crypto billionaire and philanthropist. If he exhausts all remaining legal options, Bankman-Fried won't be eligible for release until 2044, when he'll be in his early 60s. The decision leaves him with dwindling options to overturn the conviction.