'Apprentice' star Martha Stewart loses appeal of federal conviction

A federal appeals court in New York court Friday upheld Martha Stewart's conviction for lying about a stock sale.

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Stewart was convicted of conspiracy, obstruction of justice and making false statements and served five months in prison and nearly six months of house arrest, which ended in August.

However, the U.S. Court of Appeals for the Second Circuit in New York Friday gave a second chance to Stewart's stockbroker, Peter Bacanovic, who was convicted of four of five counts in the ImClone stock sale, CNN/Money reported.

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Shares of Martha Stewart Living Omnimedia have lost nearly 40 percent in value since her conviction and Friday's action could keep her from returning at the head of her own company, CNN/Money said.

A legal expert told CNN Stewart could take her case to the Supreme Court, but it's unlikely an appeal would be granted because "there are no Earth-shaking issues other than the fact that she's Martha Stewart."