FTX's Sam Bankman-Fried loses appeal of criminal conviction on fraud, conspiracy charges

Sam Bankman-Fried, the former CEO of FTX, lost his appeal of his criminal conviction for fraud and conspiracy charges on Friday. A panel of judges at the appeals court determined that Bankman-Fried's trial was conducted fairly and did not find grounds to overturn the jury's verdict. The conviction stems from his role in the collapse of the cryptocurrency exchange FTX, which filed for bankruptcy in November 2022. Prosecutors argued that Bankman-Fried defrauded customers and investors by misappropriating billions of dollars in customer funds to finance risky investments, make political donations, and purchase luxury real estate. The defense had contended that Bankman-Fried was not aware of the extent of FTX's financial problems and that he did not intend to defraud anyone. However, the jury found him guilty on all seven counts he faced, including wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. The sentencing phase is expected to follow, where Bankman-Fried could face decades in prison.