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FTX's Sam Bankman-Fried loses appeal of criminal conviction on fraud, conspiracy charges
Key takeaways
- "Bankman-Fried makes these arguments in the face of a trial at which the government’s evidence against him was, conservatively stated, robust," the ruling said.
- One argument Bankman-Fried advanced was that the funds he misappropriated were in investments that would eventually grow.
- The panel reiterated this argument later on: "Whether the assets purchased by Bankman-Fried appreciated in value is irrelevant as to whether he committed fraud," the ruling said.
A Second Circuit Court of Appeals panel ruled that the onetime crypto executive's arguments that his trial was unfair were not persuasive, going through Bankman-Fried's contention that he was prevented from presenting all of his legal arguments and that he was blocked from arguing that FTX's investments would do well.
"Bankman-Fried makes these arguments in the face of a trial at which the government’s evidence against him was, conservatively stated, robust," the ruling said.
The panel ruled that Judge Lewis Kaplan, who oversaw the trial, did not make errors in how he handled objections or in his rulings about specific arguments and portions of evidence that the prosecution and defense wanted to introduce.
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