Sam Bankman-Fried Asks US Supreme Court to Overturn Fraud Conviction
Former FTX CEO seeks new trial and reversal of $11 billion forfeiture order
Quick Look
Former FTX CEO Sam Bankman-Fried has asked the US Supreme Court to overturn his 2023 fraud conviction, seeking a new trial and the reversal of an $11 billion forfeiture order.
AI-generated summary
Why It Matters
Sam Bankman-Fried was sentenced to 25 years in prison in March 2024 after his conviction on seven counts of fraud and conspiracy.
Former FTX CEO Sam Bankman-Fried reportedly asked the US Supreme Court to overturn his 2023 fraud conviction.
He sought a new trial and the reversal of an $11 billion forfeiture order, according to a Thursday court filing seen by CNN.
His lawyers argued that the trial judge excluded evidence that his investments were sound and would have covered FTX customers’ losses. They also argued that the $11 billion forfeiture violated the Eighth Amendment’s ban on excessive fines.
A three-judge panel of the 2nd US Circuit Court of Appeals upheld his conviction and 25-year prison sentence on June 12. He has also applied for a pardon from US President Donald Trump.
Bankman-Fried was sentenced to 25 years in prison in March 2024 after his conviction 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 finance investments, political donations and personal spending.
Open Questions
- Will the US Supreme Court hear the case?
