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A federal appeals court has upheld the fraud conviction and 25 Year prison sentence of Sam Bankman Fried, the founder and former CEO of the FTX exchange
The court ruled that prosecutors presented robust evidence demonstrating that Bankman Fried misappropriated approximately $8 billion in customer funds by diverting them to his trading firm, Alameda Research, to cover financial losses and fund various investments.
Despite his defense that he believed the exchange maintained sufficient assets to repay its users, the court found the evidence of his misuse of funds to be substantial, effectively ending his attempt to overturn the legal judgment.