Bankman-Fried Seeks Supreme Court Reversal of Fraud Conviction

Samuel Bankman-Fried has formally requested the U.S. Supreme Court to review his case. The former FTX founder is currently serving a 25-year prison sentence. He was also ordered to forfeit $11 billion in assets following his 2023 conviction.

The petition was filed on Thursday. It asks the court to vacate both the criminal conviction and the financial penalty. Bankman-Fried’s legal team argues that errors in the trial proceedings necessitate a full review.

Legal arguments regarding trial evidence

The defense challenges the admission of specific evidence at trial. They claim data on customer losses was inadmissible. The prosecution argued fraudulent inducement rather than direct intent to cause loss. This distinction is central to the new appeal.

Attorneys state that the jury was not properly instructed on this point. They ask the Supreme Court to establish clear rules for such cases. This would prevent similar procedural issues in future fraud trials.

Constitutional challenge to forfeiture amount

The petition also targets the $11 billion forfeiture order. Legal counsel describes the sum as excessive and crushing. They contend the penalty violates the Eighth Amendment’s protection against cruel and unusual punishment.

The argument cites the excessive fines clause. It references historical protections dating back to Magna Carta. The defense insists fines should not strip a wrongdoer of their livelihood entirely.

Additional pardon request to president

Beyond the judicial appeal, Bankman-Fried has sought executive clemency. Reports indicate he requested a pardon from President Donald Trump. This dual-track strategy aims to end his incarceration and financial penalties.

According to GN markets/crypto (en-US), the move follows the finalization of his lower court sentences. The Supreme Court has the discretion to accept or deny the petition. A decision on the merits could set a significant precedent for financial fraud cases.