NewsMV
A federal appellate court mandate has formally affirmed Sam Bankman-Fried's conviction, closing the door on his central appellate argument that FTX creditors faced no genuine harm.
Three circuit judges reviewed his claims and rejected them.
The panel found that investors in the defunct crypto exchange did experience losses and could not simply have been made whole, undercutting both pillars of his defense on that point.
The argument that failed on appeal Bankman-Fried, the former chief executive of FTX, built his appeal around a theory that proved difficult to sustain: that the exchange's investors were not truly harmed because repayment remained achievable.
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