NewsletterSBF Trial: Bankman Fried Chooses Not to File Post-Trial Motions
Sam Bankman-Fried, the former CEO of FTX, has chosen not to file any post-trial motions. This decision was communicated through a letter to Judge Lewis Kaplan of the United States District Court for the Southern District of New York on December 1. His legal team has reserved the right to pursue claims on appeal, marking a significant turn in Bankman-Fried’s legal journey following his conviction on seven federal fraud charges on November 2.
Sentencing and Potential Second Trial
As Bankman-Fried faces a possible sentence of up to 115 years in prison, the focus now shifts to his sentencing, scheduled for March 28. This move comes amidst uncertainty about the prosecution’s plans for a second trial initially slated for March.
The former FTX CEO’s indictment was bifurcated, with seven counts addressed in October and five additional charges to be considered in the March proceedings. However, given the guilty verdict already rendered, the necessity and nature of the second trial remain in question.
Sam Bankman-Fried Incarceration
Bankman-Fried, currently held at the Brooklyn Metropolitan Detention Center, has become a focal point in the crypto community’s ongoing legal narrative. His incarceration has not been without incident, as highlighted by reports from crypto blogger Tiffany Fong and former mob enforcer Gene Borrello about attempts to extort Bankman-Fried in jail.
This case underscores the increasing legal scrutiny facing prominent figures in the cryptocurrency industry. For instance, Alex Mashinsky, the former CEO of Celsius, is out on bail awaiting his trial, and Changpeng Zhao, the former Binance CEO, has pleaded guilty to a felony charge, with sentencing due in February.
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