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A German Federal court denied fugitive financier Martin Frankel’s appeal of a three year sentence from his conviction on charges of smuggling diamonds and possessing false documents.

Frankel, who is accused of swindling over $200 million from insurance companies which he controlled in five states, is the subject of extradition proceedings, and local prosecutors indicated that they might waive further jail time if the request is granted.

If and when he is returned to the United States, he faces numerous Federal and State criminal charges, as well as a number of multimillion dollar damage claims. If convicted, Frankel would certainly be given a much longer sentence.