Former FTX CEO Sam Bankman-Fried’s trial is scheduled to begin in October, pending any delays. If found guilty by the jury, Bankman-Fried could face up to 100 years in prison. Here are some important details to note about the case.
Charges Leveled Against FTX’s Founder
The US Department of Justice (DOJ) has charged Bankman-Fried with seven counts of fraud-related crimes. These charges include wire fraud and conspiracy to commit wire fraud on FTX customers, wire fraud and conspiracy to commit wire fraud on lenders to Alameda Research, conspiracy to commit securities fraud on FTX investors, conspiracy to commit commodities fraud on FTX customers, and conspiracy to commit money laundering.
Bankman-Fried was initially charged with 13 counts, but the prosecution dropped six of them, including the charge of violating campaign finance rules. These dropped charges were not part of the US government’s extradition agreement with the Bahamas government.
Additionally, Bankman-Fried allegedly spent $100 million to fund political campaigns and gain political favors. He violated several campaign laws in the process by using straw donors.
Bankman-Fried has maintained his innocence and has not pled guilty to any of the charges. The prosecution must prove its case beyond a reasonable doubt to the jury. The jury will consider each charge individually and assess whether there is sufficient evidence to prove all counts against Bankman-Fried.
Trial Details
Judge Lewis Kaplan, presiding over the case, stated that Bankman-Fried and his lawyers could request a postponement if they needed more time to prepare their defense. However, Bankman-Fried’s lawyers chose not to file for a postponement, and the trial will proceed as scheduled on October 3.
If a postponement were to occur, the trial would likely be rescheduled for March 11, 2024, subject to approval from the Bahamas government.
Sam Bankman-Fried: The Prosecution And Defense’s Case
The DOJ will rely on witness testimonies from co-founders and senior executives of FTX and Alameda Research. Some of these executives were reportedly aware and involved in Bankman-Fried’s illicit activities.
These executives turned against Bankman-Fried and agreed to plea deals with the prosecution, providing crucial evidence for the DOJ’s case. They include former Alameda CEO Caroline Ellison, co-CEO Ryan Salame, and FTX executive Nishad Singh.
Bankman-Fried plans to use the services of seven expert witnesses to challenge the prosecution’s case. These experts will address various issues, such as campaign finance laws, the finances of FTX and Alameda Research, and the crypto exchange’s software infrastructure.
The trial outcome will determine the future of Bankman-Fried and his involvement in the defunct FTX exchange. It remains to be seen how the jury will assess the evidence presented by both the prosecution and the defense.
Sources:
– NewsBTC: [Major Reveals from the FTX Bankruptcy Filing: What’s the Takeaway?](https://www.newsbtc.com/news/major-reveals-from-the-ftx-bankruptcy-filing-whats-the-takeaway/)
– NewsBTC: [Sam Bankman-Fried’s Trial Date Set, Pleads Not Guilty](https://bitcoinist.com/sam-bankman-fried-pleads-not-guilty-trial-date-set/)
– NewsBTC: [SBF and FTX Trial Date to Remain Intact](https://bitcoinist.com/ftx-sam-bankman-fried/)
– Tradingview: [FTT Token bucks bears by staying above $1](https://tradingview.com)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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