The legal tussle surrounding Sam Bankman-Fried (SBF), the Former CEO of FTX, intensified after a federal judge denied his defense team’s
plea for an extended sentencing process. This decision occurred amid a looming second trial following SBF’s recent conviction on
charges of fraud and conspiracy.
As initially reported by Coindesk, SBF’s
defense team had sought an extension of four to six weeks for his sentencing. The team emphasized a potential second trial
slated for March 11, which could impact the pending sentencing scheduled for
March 28.
SBF‘s defense team sought to delay the sentencing and
presentencing interview with the US Probation and Pretrial Services System,
citing the need to resolve all charges before initiating the process.
However, Judge Lewis Kaplan dismissed the plea, highlighting
that the defense did not initially contest the March 28 date. According to the court documents, Kaplan, overseeing the
case in the Southern District of New York, underlined the
importance of proceeding with the presentencing interview. He stated that the defendant had adequate time for preparation.
The judge’s decision is crucial regarding the
impending second trial on bank fraud and conspiracy charges related to the Foreign Corrupt Practices Act. These unresolved legal aspects add complexity to SBF’s sentencing, potentially causing further delays depending on the
Department of Justice‘s decision to pursue the second trial.
Presentencing Interview to Proceed as Planned
Kaplan mentioned: “The defendant’s application,
dated December 20, 2023, to adjourn the sentencing data and to postpone the
dates for the first and second disclosures of the PSR is denied.”
“The sentencing data was fixed without
objection from the defendant. The defendant already has been granted one
extension for the filing of sentencing submissions. The defendant already has
had over six weeks in which to prepare for the presentencing interview, which
shall take place tomorrow as scheduled.”
Last month, a jury in New York delivered a unanimous guilty verdict on all seven counts of fraud, conspiracy, and money laundering
charges against SBF.
Each conviction carries hefty sentences, totaling a
staggering 115 years behind bars. The downfall of this industry icon stunned
the crypto community, marking a significant blow to FTX, the now-bankrupt
exchange he managed.
The unraveling of SBF’s empire led to testimonies
against him from former associates, including Caroline Ellison, the Former CEO of Alameda Research, and high-ranking executives
from FTX who pleaded guilty to related charges.
The legal tussle surrounding Sam Bankman-Fried (SBF), the Former CEO of FTX, intensified after a federal judge denied his defense team’s
plea for an extended sentencing process. This decision occurred amid a looming second trial following SBF’s recent conviction on
charges of fraud and conspiracy.
As initially reported by Coindesk, SBF’s
defense team had sought an extension of four to six weeks for his sentencing. The team emphasized a potential second trial
slated for March 11, which could impact the pending sentencing scheduled for
March 28.
SBF‘s defense team sought to delay the sentencing and
presentencing interview with the US Probation and Pretrial Services System,
citing the need to resolve all charges before initiating the process.
However, Judge Lewis Kaplan dismissed the plea, highlighting
that the defense did not initially contest the March 28 date. According to the court documents, Kaplan, overseeing the
case in the Southern District of New York, underlined the
importance of proceeding with the presentencing interview. He stated that the defendant had adequate time for preparation.
The judge’s decision is crucial regarding the
impending second trial on bank fraud and conspiracy charges related to the Foreign Corrupt Practices Act. These unresolved legal aspects add complexity to SBF’s sentencing, potentially causing further delays depending on the
Department of Justice‘s decision to pursue the second trial.
Presentencing Interview to Proceed as Planned
Kaplan mentioned: “The defendant’s application,
dated December 20, 2023, to adjourn the sentencing data and to postpone the
dates for the first and second disclosures of the PSR is denied.”
“The sentencing data was fixed without
objection from the defendant. The defendant already has been granted one
extension for the filing of sentencing submissions. The defendant already has
had over six weeks in which to prepare for the presentencing interview, which
shall take place tomorrow as scheduled.”
Last month, a jury in New York delivered a unanimous guilty verdict on all seven counts of fraud, conspiracy, and money laundering
charges against SBF.
Each conviction carries hefty sentences, totaling a
staggering 115 years behind bars. The downfall of this industry icon stunned
the crypto community, marking a significant blow to FTX, the now-bankrupt
exchange he managed.
The unraveling of SBF’s empire led to testimonies
against him from former associates, including Caroline Ellison, the Former CEO of Alameda Research, and high-ranking executives
from FTX who pleaded guilty to related charges.
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- Source: https://www.financemagnates.com//cryptocurrency/ftxs-former-ceo-sam-bankman-fried-denied-request-for-prolonged-sentencing-process/
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