Sam Bankman-Fried, the previous CEO of FTX, has chosen not to file any post-trial motions. This choice was communicated via a letter to Judge Lewis Kaplan of the United States District Court for the Southern District of New York on December 1. His authorized group has reserved the correct to pursue claims on attraction, marking a major flip in Bankman-Fried’s authorized journey following his conviction on seven federal fraud prices on November 2.
Sentencing and Potential Second Trial
As Bankman-Fried faces a attainable sentence of up to 115 years in jail, the main focus now shifts to his sentencing, scheduled for March 28. This transfer comes amidst uncertainty concerning the prosecution’s plans for a second trial initially slated for March.
The former FTX CEO’s indictment was bifurcated, with seven counts addressed in October and 5 further prices to be thought-about within the March proceedings. However, given the responsible verdict already rendered, the need and nature of the second trial stay in query.
Sam Bankman-Fried Incarceration
Bankman-Fried, at the moment held on the Brooklyn Metropolitan Detention Center, has turn out to be a focus within the crypto neighborhood’s ongoing authorized narrative. His incarceration has not been with out incident, as highlighted by reviews from crypto blogger Tiffany Fong and former mob enforcer Gene Borrello about makes an attempt to extort Bankman-Fried in jail.
This case underscores the growing authorized scrutiny going through distinguished figures within the cryptocurrency trade. For occasion, Alex Mashinsky, the previous CEO of Celsius, is out on bail awaiting his trial, and Changpeng Zhao, the previous Binance CEO, has pleaded responsible to a felony cost, with sentencing due in February.
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