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Sam Bankman-Fried, Former Crypto Billionaire, Appeals His Conviction To the US Supreme Court

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4 weeks 1 day ago
America's highest court heard Sam Bankman-Fried's request for a new trial on Thursday, CNN reports. But they add that "the former crypto mogul who was convicted of defrauding investors by secretly diverting billions of dollars of their money" also asked America's high court "to throw out a court order requiring him to pay $11 billion as part of his sentence." Bankman-Fried was sentenced to 25 years in prison in 2024 after prosecutors said he directed billions of dollars from the crypto exchange FTX to a hedge fund he controlled called Alameda Research, where the funds were used for risky investments, political donations and his own personal benefit. The Supreme Court appeal, which was reviewed by CNN, raises a technical question about evidence that was submitted at his trial, and whether Bankman-Fried should have been permitted to demonstrate that his investments were ultimately sound and would have covered any losses by FTX customers. He also argues that the $11 billion forfeiture violates the 8th Amendment's prohibition on excessive fines. "Where the government pursues a theory of fraud under which it doesn't matter whether any victims lost money, introducing evidence suggesting that people actually lost money is distracting and prejudicial," veteran Supreme Court attorney Jeffrey Fisher told CNN. "All the more so where the truth is the victims did not lose money, and the defendant is unable to make that clear." The 2nd US Circuit Court of Appeals rejected the arguments earlier this year.

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