A three-judge panel of the US Court of Appeals for the Second Circuit upheld the 25-year prison sentence for FTX founder Sam Bankman-Fried, rejecting his challenge to convictions for fraud at the collapsed crypto exchange.
In a unanimous decision, the court also upheld the roughly $11bn forfeiture order against him.
LEGAL RULING AND ITS IMMEDIATE EFFECTS
Bankman-Fried had argued that FTX was solvent and that the trial judge, Lewis Kaplan, improperly limited his defence, including testimony about his reliance on advice from FTX's lawyers. He had sought a new trial. With the panel's decision, the sentence and underlying convictions remained intact.
The ruling came days after Bankman-Fried formally applied to President Donald Trump for a pardon, The Block reported.
Sources: Reuters; Courthouse News; US Court of Appeals for the Second Circuit