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The SBF case has gained significant attention from global investors, as it is one of the hottest topics in the crypto industry today. Meanwhile, the upcoming trial of former FTX CEO Sam Bankman-Fried, or SBF, accused of seven counts of fraud and conspiracy, is set to last for at least 21 days, starting on October 4, according to a trial calendar. Despite efforts to secure temporary release, Bankman-Fried remains in detention due to concerns about the risk of flight.
Here’s a closer look at the trial schedule and the latest developments in the high-profile case.
The Trial Calendar Of Sam Bankman-Fried
The trial calendar, released on September 28, outlines the proceedings that will unfold over the coming weeks. Meanwhile, jury selection is slated for October 3, with the official start of the trial on October 4. During the trial, the prosecution will present seven fraud charges against Bankman-Fried, with two substantive charges and five conspiracy charges.
In total, there will be 15 full trial days in October and six more in November. Notably, the court will not convene between October 20 and October 25 or on weekends. Meanwhile, according to the trial calendar, there are public holidays on October 9 and November 10, when no trial proceedings will take place. In addition, November 3 is also a non-trial day.
The trial has garnered significant attention due to its high-profile nature. Bankman-Fried, the indicted founder of the now-defunct FTX crypto exchange, could potentially be sentenced to up to 110 years in prison as per the law.
He has pleaded not guilty to the seven counts of fraud and conspiracy related to the collapse of FTX. As the trial unfolds, it will shed light on the legal proceedings and the defense’s strategy, while the prosecution will seek to convince the jury of Bankman-Fried’s involvement in the alleged crimes. Meanwhile, the outcome of the trial will have implications for the future of the crypto industry and regulatory measures.
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Latest Developments In SBF Case
The lawyers of Sam Bankman-Fried have appealed for his temporary release recently, which has sparked speculations in the market. However, despite Bankman-Fried’s attempts to secure temporary release for trial preparation, U.S. District Judge Lewis Kaplan denied the request.
The judge expressed sympathy for the defendant but cited concerns about flight risk as a reason for the decision. Bankman-Fried’s young age and the potential for a lengthy sentence, if convicted, were contributing factors.
In other words, Judge Kaplan’s decision to detain Bankman-Fried is notably influenced by the allegation of witness tampering. Meanwhile, earlier evidence indicates that he tampered with witnesses, which includes sharing private writings of former Alameda Research CEO Caroline Ellison with a New York Times reporter.
Notably, Ellison, a former romantic partner of Bankman-Fried, is among three individuals from his inner circle who have pleaded guilty to fraud and are set to testify against him.
However, Judge Kaplan granted Bankman-Fried permission to arrive at court at 7 a.m. local time on most trial days, allowing him to consult with his lawyers before testimony begins.
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