Judge Imposes Pressing Schedule for Sam Bankman-Fried’s Trial Proceedings
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In Brief
The upcoming trial of former FTX CEO Sam Bankman-Fried faces heightened pressure as a September 7 deadline for jury trial request looms.
Bankman-Fried’s legal team is concerned about the short timeframe before the October 3 trial, and a recent hearing revealed that they declined an extension.
The trial’s focus includes Bankman-Fried’s legal advisors’ role and the impact of his bail’s revocation over alleged witness tampering.
Federal Judge Lewis Kaplan has set a September 7 deadline for former FTX CEO Sam Bankman-Fried to request a jury trial for his impending October court case. The decision, brought to light by Inner City Press on August 30, has raised worries among Bankman-Fried’s legal team due to the short timeframe before his important October 3 trial.
During a recent hearing focused on motions related to Bankman-Fried’s temporary release for trial preparations, Judge Kaplan inquired whether the defense required more time, to which they responded in the negative.
The trial, pending approval from the Bahamas, is additionally scheduled for March 11 as a contingency. Bankman-Fried’s legal team is anticipated to concentrate on the role of prior legal advisors in his decision-making processes, particularly highlighting the input of Fenwick & West LLP and in-house legal experts in shaping significant actions during his tenure.
Bankman-Fried’s bail of $250 million had been revoked based on allegations of witness tampering. Presently, efforts to secure his release for trial preparations have generated a negotiation between his attorneys and the U.S. government, who have suggested a two-day weekly release, opposing the desired five days. Moreover, discussions have ensued regarding Bankman-Fried’s capacity to remain in detention, with his lawyers requesting specific medications for depression and ADHD.
Last month, FTX initiated a lawsuit against its founder, Bankman-Fried, and three former executives, seeking to recover more than $1 billion allegedly misappropriated before the crypto exchange’s bankruptcy.
The suit alleges improper activities such as transferring assets within the FTX family of companies, entering skewed contracts, making false investor statements, and squandering corporate assets. Caroline Ellison, Gary Wang, and Nishad Singh have admitted guilt in related charges, while SBF has pleaded not guilty and is due to face trial in October.
Read more:
- Former Alameda Research Engineer Exposes Internal Dark Secrets of FTX
- Former FTX executive Ryan Salame discussing a plea deal with prosecutors
- $40M Bribery Allegations Involving Sam Bankman-Fried and Chinese Government Uncovered in Onchain Investigation
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].
