Reading Time: 2 minutesThe judge overseeing Sam Bankman-Fried’s case has rejected his request to extend the sentencing process, citing potential clashes with a second trial
Bankman-Fried’s legal team had sought the extension, aiming to delay a presentence interview and related deadlines until additional charges against him are resolved
District Judge Lewis Kaplan denied the request, noting the defense’s initial acceptance of the March 28 date and other considerations

The judge in Sam Bankman-Fried’s criminal case has denied his request to extend the former FTX CEO’s sentencing process, citing a clash with a potential second trial next year. His legal team filed a letter this week requesting an extension for the sentencing process, currently scheduled to start on March 28, and also sought to delay a presentence interview and other related deadlines until additional charges leveled against the fraudster are resolved. District Judge Lewis Kaplan rejected this request, however, noting the defense’s acceptance of the March 28 date was initially set, as well as other matters.

We Need More Time!

Bankman-Fried’s legal team argued for a sentencing extension on Wednesday, citing the need for extra time to gather materials essential for the sentencing submission, to prepare for Thursday’s presentence interview, and for a potential second trial involving charges initially dropped, set for March 11.

Bankman-Fried, pleading not guilty to those charges, faces allegations of providing around $100 million to politicians through illicit means. The superseding indictment, brought by US Attorney General Damian Williams, includes charges related to an alleged illegal campaign finance scheme. 

Judge Kaplan denied the motion, however,  citing the defense’s non-objection when the March 28 date was initially set, and noting that Bankman-Fried had ample time, over six weeks in fact, to prepare for yesterday’s presentence interview.

Bankman-Fried Faces Decades in Jail

Bankman-Fried’s conviction in November came after a month-long trial where he was found guilty of wire fraud and conspiracy to launder money. The charges were related to the collapse of FTX in November last year, with allegations that he used customer funds for unauthorized lending to Alameda Research, FTX’s sister hedge fund.

During the trial, Bankman-Fried admitted to significant errors in managing the exchange, including the absence of a risk management team. He also confessed to using “stolen funds” to enrich himself, support Alameda’s high-risk investments, and fund his lavish lifestyle, which included political contributions, celebrity endorsements, and personal expenses like a $200 million property in the Bahamas.

Bankman-Fried could potentially face decades in prison if sentenced on March 28. Additionally, he is set to go on trial for a second set of charges, including alleged foreign bribery and bank fraud conspiracies, along with civil charges brought by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

The post Judge Rejects Call to Extend Sam Bankman-Fried Sentencing appeared first on FullyCrypto.

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Filed under: Bitcoin - @ December 22, 2023 8:25 am