FTX Co-Founder Sam Bankman-Fried Convicted on Seven Counts, Faces Possible 110-Year Sentence
Summary:
Sam Bankman-Fried, co-founder of FTX, was found guilty on seven counts in his criminal trial and is back in Brooklyn's federal prison. Despite the conviction, his legal counsel insists on his innocence and hints at an appeal. Bankman-Fried is potentially facing a second trial on several charges, including conspiracy to commit bribery and operating an illegal money transmitting operation. His sentence for the recent conviction will be suggested by prosecutors by March 15, 2024, and the sentencing is set for March 28, 2024. If served consecutively, the maximum sentences for his crimes could total 110 years.
Brooklyn's federal prison is once again hosting Sam Bankman-Fried, who has been convicted on a total of seven counts during his criminal trial. His legal team, though, has not soured from the struggle just yet. In an official statement on November 2, Mark Cohen, Bankman-Fried's legal counsel, declared that Bankman-Fried insists on his guiltlessness and will refuse to shy away from contesting the charges leveraged against him. Assuming Bankman-Fried remains true to his word, it's feasible that he'll seek an appeal post-sentencing. The first move in this process involves the FTX co-founder lodging a notice of appeal in the New York District Court, the very court that recently pronounced him guilty.
Late on November 2, a New York jury handed down a guilty verdict to Bankman-Fried. Damian Willaims, United States Attorney, labeled Bankman-Fried as one of the most significant financial fraudsters in U.S. history, masterminding a multimillion-dollar operation to crown himself the crypto king. An additional trial potentially faces Bankman-Fried on March 11, comprising five counts of conspiracy to commit bribery, running an illegal money transmitting operation, conspiracy to commit bank fraud, and other securities and derivatives fraud. New York District Court Judge Lewis Kaplan has allotted a deadline of February 1, 2024, for government prosecutors to confirm their intent to progress with the second trial. If this event proceeds, the opportunity arises for Bankman-Fried to enter a guilty plea, possibly contributing to a reduced sentencing.
As the guilty verdict has been passed, the prosecutors are expected to suggest a sentence by March 15, and Bankman-Fried’s sentencing scheduled for March 28, 2024, when he will appear in court again. Although Judge Kaplan is entrusted with the final authority on the duration of Bankman-Fried's sentence, if he were to serve the maximum sentences for all of his convictions consecutively, he would face 110 years behind bars. Kaplan may alternatively rule that Bankman-Fried's sentences run concurrently, in which case his single charges of wire fraud conspiracy, money laundering conspiracy, and wire fraud would each carry a maximum sentence of 20 years. Kathryn Haun, a former federal prosecutor and cryptocurrency venture capitalist, speculated in a November 2 tweet that Bankman-Fried is likely to serve “decades in prison.”
Meanwhile, Bankman-Fried continues his stint at the Metropolitan Detention Center in Brooklyn, having resided there since August 11 due to a breach of his bail terms. Kaplan had previously in the past characterized the Brooklyn detention facility as far from luxurious. Bankman-Fried himself voiced concerns over his restricted access to medication and vegan dietary options during his pre-trial period there. As the date of his trial drew nearer in September, the estimate for the length of his sentencing varied among legal professionals. Michael Kanovitz from the Loevy & Loevy law firm predicted a maximum sentence if he were found guilty. Conversely, Jeremy Hogan from Hogan & Hogan envisioned that Bankman-Fried might not receive the full 110 years but would certainly face a substantial prison term.
Published At
11/3/2023 5:00:37 AM
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