The 2nd U.S. Circuit Court of Appeals in Manhattan on Friday upheld Sam Bankman-Fried's conviction, leaving in place a 25-year prison sentence and coming the same week he submitted an application for a presidential pardon, the court said.
Bankman-Fried, 34, is a cryptocurrency entrepreneur and FTX co-founder.
Prosecutors said he masterminded one of the largest financial frauds in history stemming from the collapse of the crypto-exchange FTX and that he was charged with seven counts of fraud, conspiracy and money laundering.
A jury found him guilty on all charges in his 2023 federal fraud and conspiracy trial.
The appeals court ruling comes after a federal judge in April denied Bankman-Fried a new trial, rejecting his claim that there are newly discovered witnesses who would give exculpatory testimony.
In addition to the prison sentence handed down in 2024, he was ordered to forfeit $11 billion that the government can use to compensate victims.