Sam Bankman-Fried Appeals to US Supreme Court to Overturn Fraud Conviction
Summary
- Sam Bankman-Fried has appealed to the U.S. Supreme Court to overturn his fraud conviction.
- His legal team said evidence related to the possibility of repaying FTX customers' losses and the soundness of Bankman-Fried's investments was not fully considered.
- The lawyers asked the court to cancel the $11 billion asset forfeiture, calling it an excessive fine, and said Bankman-Fried has also applied for a pardon.
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Sam Bankman-Fried, the founder of bankrupt digital-asset exchange FTX, has asked the U.S. Supreme Court to overturn his fraud conviction, Cointelegraph and other media reported on September 11.
Bankman-Fried's lawyers filed the appeal with the Supreme Court on September 10 and requested a new trial. They also asked the court to void its order requiring him to forfeit $11 billion in assets.
The defense argued that the trial did not fully consider evidence that FTX customers' losses could have been repaid. It said the court excluded evidence intended to show that investments executed by Bankman-Fried were sound and that the value of those assets could have covered customer losses.
The lawyers also argued that the $11 billion forfeiture order violates the Eighth Amendment to the U.S. Constitution, which bars excessive fines.
In June, the U.S. Court of Appeals for the Second Circuit upheld Bankman-Fried's conviction and 25-year prison sentence. Bankman-Fried has also applied for a pardon from U.S. President Donald Trump.
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