Sam Bankman-Fried asks Supreme Court to overturn conviction and $11B forfeiture
Key Takeaways
- •Bankman-Fried’s lawyers are asking the Supreme Court to review his conviction and sentence.
- •The defense claims the trial judge improperly excluded evidence concerning the value of his investments.
- •The filing argues that the $11 billion forfeiture violated constitutional protections against excessive fines.
- •The 2nd US Circuit Court of Appeals upheld his conviction and 25-year prison term on June 12.
- •Bankman-Fried was convicted on seven fraud and conspiracy counts after prosecutors accused him of misusing billions in FTX customer funds.
Former FTX CEO Sam Bankman-Fried has reportedly asked the US Supreme Court to overturn his 2023 fraud conviction, grant him a new trial and reverse an $11 billion forfeiture order.
His lawyers made the request in a Thursday court filing, according to CNN. They argued that the trial judge improperly excluded evidence that Bankman-Fried’s investments were sound and would have covered FTX customers’ losses.
The lawyers also argued that the $11 billion forfeiture violated the Eighth Amendment’s prohibition on excessive fines.
A three-judge panel of the 2nd US Circuit Court of Appeals upheld Bankman-Fried’s conviction and 25-year prison sentence on June 12. He has also applied to US President Donald Trump for a pardon.
Bankman-Fried was sentenced to 25 years in prison in March 2024 after being convicted on seven counts of fraud and conspiracy. Prosecutors said he used billions of dollars in FTX customer funds to repay Alameda Research’s debts and to finance investments, political donations and personal spending.
