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

A federal appeals court has upheld Sam Bankman-Fried's 2023 fraud conviction and 25-year prison sentence, rejecting his claims that the trial was unfair. The court found the government's evidence "conservatively stated, robust," proving that Bankman-Fried defrauded FTX customers and investors of billions of dollars while publicly reassuring them their funds were safe. The FTX collapse in November 2022 left customers, investors, and lenders short over $11 billion.