SBF Seeks Supreme Court Review to Overturn $11 Billion Forfeiture Order

FTX founder Sam Bankman-Fried (SBF) has filed a petition with the U.S. Supreme Court seeking to overturn his fraud conviction and the $11 billion forfeiture order. The petition was submitted on September 10, led by attorney Alexandra A.E. Shapiro from the law firm Shapiro, Arato, Bach. SBF is currently serving a 25-year prison sentence. The petition raises two core legal issues: first, when can the trial court admit evidence showing whether victims suffered losses when the prosecution uses a 'fraudulent inducement' theory; second, whether the Eighth Amendment of the U.S. Constitution allows for forfeiture or other criminal fines that destroy the defendant's future livelihood prospects. The defense argues that the trial court allowed the prosecution to suggest that clients suffered significant losses while prohibiting the defense from presenting evidence that clients were compensated, which constitutes an error. The defense claims that although FTX and Alameda faced liquidity issues at one point, they always held sufficient assets to ultimately repay investors and clients, and clients have now been repaid with principal and interest. In 2023, SBF was convicted on multiple counts of fraud and money laundering, sentenced to 25 years in prison, and ordered to forfeit $11 billion. In June of this year, the U.S. Second Circuit Court of Appeals upheld the original ruling. The Supreme Court is expected to decide later this year whether to hear the case.

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