Sam Bankman-Fried petitioned Supreme Court to overturn conviction and $11B fine

Former FTX CEO Sam Bankman-Fried submitted a request to the US Supreme Court, seeking to overturn his conviction from 2023. The filing also asks for the reversal of an $11 billion forfeiture. A Thursday court document shows the petition was lodged. His lawyers argued that evidence regarding sound investments was excluded during the trial. They claim those investments would have covered losses and questioned if the $11 billion fine violates constitutional bans on excessive fines. On June 12, a three-judge panel of the Second US Circuit Court of Appeals upheld his verdict and a 25-year prison term. Bankman-Fried was sentenced to 25 years in March 2024 after being found guilty on seven counts of fraud and conspiracy. Prosecutors stated he used FTX customer funds to pay Alameda Research debts and fund investments, donations, and personal expenses. He has also applied for a pardon from President Donald Trump.