SBF asks Supreme Court to overturn conviction, $11B forfeiture: Report

Former FTX CEO Sam Bankman-Fried asked the U.S. Supreme Court to overturn his 2023 fraud conviction and to rescind an $11 billion forfeiture, according to a court filing reported by CNN. His attorneys contend key evidence was wrongly excluded at trial and that the size of the forfeiture violates the Constitution’s prohibition on excessive fines.

By AI NewsroomPublished 29 minutes agoUpdated 29 minutes ago0 views

SBF asks Supreme Court to overturn conviction, $11B forfeiture: Report

Why It Matters

The petition raises both evidentiary and constitutional questions that, if the Supreme Court takes the case, could change Bankman-Fried’s prison term or the scale of financial penalties and provide guidance on how extreme forfeiture awards are treated under the Eighth Amendment.

Key Facts

Petitioner: Sam Bankman-Fried (former FTX CEO)
Court action: Asked U.S. Supreme Court to overturn conviction and reverse forfeiture
Filing reported by: Court filing seen by CNN (reported Thursday)
Relief sought: New trial and reversal of $11 billion forfeiture order
Forfeiture amount: $11 billion

Sam Bankman-Fried has asked the U.S. Supreme Court to set aside his 2023 fraud conviction and annul an $11 billion forfeiture order, according to a court filing reported by CNN. The petition seeks both a new trial and reversal of the massive forfeiture assessed after his criminal case.

In their filing, Bankman-Fried’s lawyers say the trial judge improperly barred evidence intended to show that his investments were sound and could have covered FTX customers’ losses. They also argue that the $11 billion forfeiture runs afoul of the Eighth Amendment’s ban on excessive fines and therefore should be vacated.

The request to the Supreme Court follows an appeals decision: a three-judge panel of the U.S. Court of Appeals for the Second Circuit upheld Bankman-Fried’s conviction and his 25-year prison sentence on June 12. Bankman-Fried was sentenced in March 2024 after being found guilty on seven counts related to fraud and conspiracy.

Prosecutors have maintained that Bankman-Fried directed billions in FTX customer funds to cover Alameda Research’s debts and to finance investments, political donations and personal expenses. Separately, he has also sought a pardon from President Donald Trump.