In a petition to the U.S. Supreme Court, former FTX CEO Sam Bankman-Fried challenges his fraud conviction and an $11 billion forfeiture, arguing the penalty would leave him unable to earn a living after prison.
His petition raises questions about what the jury heard on customer losses and whether the forfeiture amounts to an excessive fine under the Eighth Amendment. The defense argues prosecutors could present evidence suggesting customers lost money while the judge restricted defense evidence intended to counter that claim.
The petition says bankruptcy distributions covered customers’ deposit balances at the case’s outset. It also notes that some customers objected to receiving cash instead of crypto and argued the payments did not reflect later price gains.
The U.S. Court of Appeals for the Second Circuit affirmed the conviction and forfeiture on June 12, 2026. Its opinion gives the forfeiture as $11.02 billion and says prosecutors did not have to prove that Bankman-Fried intended customers to suffer a net financial loss. The panel also said his belief that customers might eventually benefit would not, on its own, excuse deceit.
A jury convicted Bankman-Fried on seven counts in 2023, and he was sentenced to 25 years in prison. The Supreme Court docket lists Nov. 16 as the government’s response deadline after an extension. As of Oct. 17, the public docket showed no decision on the petition.
