Sam Bankman-Fried loses appeal to overturn fraud convictions and prison

Sam Bankman-Fried lost his appeal to overturn his fraud convictions on March 13, 2024, upholding the jury's verdict from November 2023. The former CEO of FTX was found guilty on seven counts of fraud and conspiracy, including wire fraud, securities fraud, and money laundering. These charges stemmed from the collapse of FTX, a cryptocurrency exchange, and its affiliated hedge fund, Alameda Research, in November 2022. Prosecutors argued that Bankman-Fried misappropriated billions of dollars in customer deposits to fund risky investments, make political donations, and purchase luxury real estate. His defense team had contended that he did not intend to defraud customers and that the business dealings were complex and misunderstood. The Second Circuit Court of Appeals in New York affirmed the district court's decision, meaning Bankman-Fried will continue to serve his 25-year prison sentence. He is currently incarcerated at a federal facility in Brooklyn. If all further appeals are exhausted, Bankman-Fried would be eligible for release in 2044.