Sam Bankman-Fried petitions Supreme Court to reverse conviction and $11 billion forfeiture

The legal team representing former FTX CEO Sam Bankman-Fried submitted a petition to the US Supreme Court asking it to overturn his 2023 conviction for fraud and conspiracy. The filing seeks to reverse both the criminal verdict and an $11 billion forfeiture order. Lawyers argued that the trial judge improperly excluded evidence suggesting specific investments were sound and would have prevented losses faced by FTX customers. They also contended that the $11 billion penalty violated the Eighth Amendment's prohibition on excessive fines. A three-judge panel at the 2nd US Circuit Court of Appeals upheld the conviction and a 25-year prison sentence in June. Prosecutors stated Bankman-Fried used billions of customer funds to repay Alameda Research debts, finance investments, support political campaigns, and fund personal spending. In addition to this appeal, his lawyers argue the forfeiture is excessive because excluded evidence proves otherwise.