Sam Bankman-Fried failed to overturn his fraud conviction and 25-year prison sentence after a three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals upheld the verdict on June 12, rejecting his arguments that the trial was unfair. The court said the case against him was “conservatively stated, robust” and agreed with trial judge Lewis Kaplan’s decision to exclude arguments that FTX had sufficient assets to cover customer withdrawals. The ruling leaves intact his November 2023 conviction, March 2024 sentence, $11 billion forfeiture and three years of supervised release.