By Mark Hunter
1 week agoFri Dec 22 2023 08:25:24
Checking out Time: 2 minutes
- The judge supervising Sam Bankman-Fried’s case has actually declined his demand to extend the sentencing procedure, mentioning prospective clashes with a 2nd trial
- Bankman-Fried’s legal group had actually looked for the extension, intending to postpone a presentence interview and associated due dates till surcharges versus him are dealt with
- District Judge Lewis Kaplan rejected the demand, keeping in mind the defense’s preliminary approval of the March 28 date and other factors to consider
The judge in Sam Bankman-Fried’s criminal case has actually rejected his demand to extend the previous FTX CEO’s sentencing procedure, pointing out a clash with a prospective 2nd trial next year. His legal group submitted a letter today asking for an extension for the sentencing procedure, presently set up to begin on March 28, and likewise looked for to postpone a presentence interview and other associated due dates up until surcharges leveled versus the scammer are dealt with. District Judge Lewis Kaplan declined this demand, nevertheless, keeping in mind the defense’s approval of the March 28 date was at first set, in addition to other matters.
We Need More Time!
Bankman-Fried’s legal group argued for a sentencing extension on Wednesday, mentioning the requirement for additional time to collect products necessary for the sentencing submission, to get ready for Thursday’s presentence interview, and for a prospective 2nd trial including charges at first dropped, set for March 11.
Bankman-Fried, pleading innocent to those charges, deals with accusations of offering around $100 million to political leaders through illegal methods. The superseding indictment, brought by United States Attorney General Damian Williams, consists of charges connected to a supposed unlawful project financing plan.
Judge Kaplan rejected the movement, nevertheless, mentioning the defense’s non-objection when the March 28 date was at first set, and keeping in mind that Bankman-Fried had adequate time, over 6 weeks in truth, to get ready for the other day’s presentence interview.
Bankman-Fried Faces Decades in Jail
Bankman-Fried’s conviction in November followed a month-long trial where he was condemned of wire scams and conspiracy to wash cash. The charges were connected to the collapse of FTX in November in 2015, with claims that he utilized consumer funds for unapproved financing to Alameda Research, FTX’s sibling hedge fund.
Throughout the trial, Bankman-Fried confessed to considerable mistakes in handling the exchange, consisting of the lack of a danger management group. He likewise admitted to utilizing “taken funds” to enhance himself, support Alameda’s high-risk financial investments, and money his extravagant way of life, that included political contributions, celeb recommendations, and individual expenditures like a $200 million residential or commercial property in the Bahamas.
Bankman-Fried might possibly deal with years in jail if sentenced on March 28. In addition, he is set to go on trial for a 2nd set of charges, consisting of declared foreign bribery and bank scams conspiracies, together with civil charges brought by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
