Former FTX CEO, Sam Bankman-Fried, Gears up for Fraud Trial; Faces Potential 110-Year Sentence
Summary:
Former FTX CEO, Sam Bankman-Fried, is set to face a criminal trial lasting a minimum of 21 days, beginning on Oct. 4 and possibly ending on Nov. 9. The charges against him involve seven counts of fraud and conspiracy. Despite numerous attempts to secure temporary release in preparation for his trial, all have been denied on the grounds of him potentially being a flight risk. The former CEO, who has been held under pre-trial detention since Aug. 11, could face a maximum sentence of 110 years if convicted.
The former head of FTX, Sam Bankman-Fried, will appear in court for a minimum of 21 days as part of his pending criminal trial. The lawsuit, initially scheduled to start on Oct. 4, is anticipated to last until Nov. 9 according to court dockets newly made public. The trial's timeline, revealed on Sept. 28, initiates on Oct. 3, with jury members being chosen. The commencement of Bankman-Fried's lawsuit is slated for Oct. 4, where seven fraud allegations against him will start being examined.
Two fundamental charges require the prosecuting team to persuade the jury that Bankman-Fried indeed perpetrated the crime. The remaining five "conspiracy" charges hinge on the prosecution team demonstrating that Bankman-Fried conspired to commit these crimes. Fifteen full-court days are earmarked for October, while six are set aside in November. The court will adjourn from Oct. 20 to Oct. 25 and over the weekends. Public holidays land on Oct. 9 and Nov. 10 while Nov. 3 also has no trial scheduled.
Since Aug. 11, the former FTX CEO has been held under pre-trial detention at the Metropolitan Detention Center. Bankman-Fried, through legal representation, has made several attempts to secure temporary freedom to ready himself for the impending trial. However, these efforts were rebuffed on Sept. 28 by U.S. District Judge Lewis Kaplan, who inferred Bankman-Fried could potentially abscond due to his youth and a likely harsh sentence if found guilty. Kaplan, showing understanding towards his defense team's worries, has allowed Bankman-Fried to report to court at 7am local time on most trial days to confer with his attorneys ahead of testimonies.
On Sept. 28, assistant U.S. attorney Danielle Kudla stated that the Department of Justice predicts the case to stretch over four to five weeks. Bankman-Fried, who denied his guilt regarding seven fraud and conspiracy charges after FTX's fall, is looking at a maximum legal penalty of 110 years in prison.
Published At
9/29/2023 3:53:01 AM
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