Judge Imposes Pressing Schedule for Sam Bankman-Fried’s Trial Proceedings
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Bankman-Fried’s bail of $250 million had been revoked based on allegations of witness tampering.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
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
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 literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
More articles
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 literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
