Sam Bankman-Fried Appeals to U.S. Supreme Court to Overturn Conviction

Former FTX (FTX) CEO Sam Bankman-Fried has filed a petition with the U.S. Supreme Court seeking to overturn his 25-year prison sentence and the $11 billion forfeiture order. His defense argues that the trial prevented him from demonstrating that FTX customers would have been fully repaid. The petition claims that sufficient assets existed to cover customer claims, though Judge Lewis Kaplan previously ruled that the misappropriation of funds occurred at the time of the acts, regardless of subsequent repayments. The Supreme Court accepts only about 1% of cases, making this a long-shot effort for the former executive.