A federal appeals court on Wednesday upheld Conrad Black’s convictions of fraud and obstruction of justice, brushing aside his claim that he and three other former Hollinger International media executives did no harm to the company he once headed.

“They are making a no harm-no foul argument, and such arguments usually fare badly in criminal cases,” a three-judge panel of the 7th U.S. Circuit Court of Appeals said in its 16-page opinion.