Appeals court upholds FTX co-founder Sam Bankman-Fried's fraud...

The U.S. appeals court has affirmed the fraud conviction of FTX co-founder Sam Bankman-Fried, underscoring that the 2023 trial produced a robust body of evidence. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled Friday that the government showed Bankman-Fried defrauded customers and investors while running FTX, which was once the world’s second-largest cryptocurrency exchange. The court described the evidence as robust and conservatively stated, noting that he reassured clients while transferring billions for personal use and falsifying records to conceal transactions. The decision preserves the narrative of a public figure who publicly defended customer funds while using the platform as a personal piggy bank. The ruling comes after a high-profile collapse in November 2022 that left customers, investors and lenders collectively short by more than $11 billion. The 2023 conviction carried a 25-year sentence, and Judge Kaplan had criticized Bankman-Fried’s testimony during sentencing.