Sam Bankman Fried Petitions Supreme Court to Overturn FTX Fraud Conviction

Sam Bankman Fried has asked the U.S. Supreme Court to overturn his fraud conviction and reverse an $11 billion asset forfeiture. He is currently serving a 25-year prison sentence after being convicted on seven counts, including fraud, conspiracy, and money laundering, related to the collapse of cryptocurrency exchange FTX.

His legal team argues the trial court wrongly prevented him from presenting evidence showing that FTX and its sister trading firm Alameda Research held enough assets to eventually repay customers in full, despite facing a temporary liquidity crisis. The petition also claims the $11 billion forfeiture violates constitutional protections against excessive fines.

Appeals Court Previously Upheld Conviction

In June, a federal appeals court upheld Bankman Fried’s conviction, citing a 2025 Supreme Court ruling that found wire fraud charges do not require proof of actual financial harm to victims. That earlier decision rejected arguments that no real losses occurred.

The new petition challenges whether courts should allow evidence about customer losses in such fraud cases while blocking defense evidence showing repayment. It remains unclear whether the Supreme Court will agree to hear the case, with a decision expected later this year.