In a groundbreaking development on November 2, the former CEO of FTX faced a severe verdict, being found guilty of seven felony charges. This potentially translates into a substantial prison sentence of up to 115 years. Following his conviction for federal fraud on the same day, Sam “SBF” Bankman-Fried, the once leading figure at FTX, has opted against pursuing any post-trial motions.
A dated December 1 letter, directed to Judge Lewis Kaplan in the United States District Court for the Southern District of New York, from Bankman-Fried’s legal team, articulates their strategic decision to abstain from filing post-trial motions. It’s worth noting, however, that they’ve reserved the right to pursue claims on appeal. This communication represents the most recent development following SBF’s conviction on November 2, as he anticipates sentencing scheduled for March 28.
Ambiguity shrouds whether prosecutors intend to proceed with Bankman-Fried’s second trial in March. Originally, the indictment against the former FTX CEO was bifurcated, leading to him facing 7 counts in October and 5 charges in March. However, with a guilty verdict in November, SBF could potentially be sentenced to decades behind bars.
Post the delivery of the jury’s verdict, Bankman-Fried returned to the Brooklyn Metropolitan Detention Center, where he is expected to remain until sentencing. On November 30, cryptocurrency blogger Tiffany Fong conducted a compelling interview with a former mob enforcer, Gene Borrello, who shared gripping details about SBF’s experiences in jail. Borrello even alleged that another inmate attempted to extort the former FTX CEO.
Bankman-Fried stands out as one of the pioneering high-profile crypto executives to face criminal charges in the United States. In July, the arrest of former Celsius CEO Alex Mashinsky marked another significant event, and, as of the current moment, he remains free on bail until his criminal trial scheduled for September 2024. Additionally, Changpeng Zhao, who gracefully stepped down as CEO and admitted guilt to one felony charge as part of a settlement with U.S. officials and Binance, is awaiting sentencing in February.
Explore the compelling narrative of this legal saga involving key figures in the crypto world, offering readers an in-depth look at the unfolding events and the potential ramifications within the realm of cryptocurrency.
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