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September 14, 2026, 11:43 am CDT
FTX <a href="https://xpertsstudio.com/sec-flags-unlicensed-investment-<a href="https://xpertsstudio.com/u-s-doj-seeks-61-million-in-what-it-calls-irans-crypto/” title=”U.S. DOJ seeks $61 million in what it calls Iran's crypto”>crypto-trading-scheme/” title=”SEC flags unlicensed investment, crypto trading scheme”>cryptocurrency exchange founder Samuel Bankman-Fried leaves Manhattan federal court in New York City after a court appearance June 15, 2023. (Photo by Michael M. Santiago/
FTX cryptocurrency exchange founder Samuel Bankman-Fried, the ex-“Crypto King” who was convicted on multiple counts of fraud and money laundering in connection to the former cryptocurrency exchange, has filed an appeal with the U.S. Supreme Court.
Multiple news outlets have reported that Bankman-Fried, who is currently serving 25 years in prison and was ordered to forfeit $11 billion after being found guilty of defrauding investors out of billions in 2023, asked the Supreme Court on Thursday to overturn his conviction and to vacate the forfeiture order.
According to Law360, Bankman-Fried’s lawyers argued that evidence of FTX customers having lost money should not have been admitted during his trial because the prosecution had argued fraudulent inducement, which meant that it was irrelevant whether he meant to cause monetary losses. His lawyers invited the Supreme Court to weigh in and resolve the question once and for all.
“Establishing clear and equitable rules regarding how such cases may be presented to juries is essential, lest defendants like petitioner be unable to obtain fair trials (or even feel at liberty to demand trials in the first place),” Bankman-Fried wrote in his petition.
Bankman-Fried’s lawyers have also argued that the $11 billion forfeiture was “crushing” and excessive and violates the cruel and unusual punishment clause of the Constitution.
“The Eighth Amendment’s excessive fines clause enshrines the historical protection—dating back to Magna Carta—that fines ‘should not deprive a wrongdoer of his livelihood,’” Bankman-Fried said in his petition.
Additionally, Law360 reports that Bankman-Fried has also requested a pardon from President Donald Trump.
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Source: www.abajournal.com