Former FTX CEO Sam Bankman-Fried has filed a petition with the US Supreme Court, seeking to overturn his 2023 fraud conviction. The legal team is requesting a new trial, arguing that the original proceedings were flawed due to the exclusion of specific evidence.
The defense claims that the trial judge improperly blocked evidence suggesting that the company's investments were sound and could have eventually covered customer losses. Furthermore, the lawyers are challenging the $11 billion forfeiture order, labeling it an excessive fine that violates the Eighth Amendment.
This move follows a decision by a three-judge panel of the 2nd US Circuit Court of Appeals, which upheld both the conviction and the 25-year prison sentence on June 12. Bankman-Fried was originally sentenced in March 2024 after being found guilty on seven counts of fraud and conspiracy.
Prosecutors previously established that the former executive misappropriated billions of dollars in customer funds. These assets were allegedly used to settle debts for Alameda Research, finance various investments, support political donations, and cover personal expenses. Bankman-Fried has also submitted an application for a presidential pardon.
