Former FTX CEO Sam Bankman-Fried has been denied his request for an adjourned sentencing hearing, according to a recent court filing. Bankman-Fried’s legal team had requested a delay of four to six weeks, pushing the sentencing date into May 2024. However, Judge Lewis Kaplan denied the request, stating that Bankman-Fried had already been granted one extension previously.
Bankman-Fried’s defense team argued that they needed additional time to gather necessary materials for the sentencing submission and to prepare for an upcoming pre-sentencing interview. They also contended that the sentencing process should not begin until other charges, such as foreign bribery and campaign finance violations, which were omitted from the earlier trial, are resolved. These charges are currently scheduled to be addressed in a trial set for March 11, 2024.
Judge Kaplan, however, did not find these arguments compelling. He noted that Bankman-Fried had already been given ample time to prepare for the pre-sentencing interview and that the current sentencing date had been set without objection from the defendant. The judge’s decision signifies that the sentencing process will move forward as planned.
Bankman-Fried was convicted on November 2 of all counts related to fraud and other crimes at FTX and its sister firm, Alameda Research. While the maximum sentence he faces is 110 years in prison, legal experts believe he is likely to receive a considerably shorter sentence. Estimates suggest that he may serve less than 25 years behind bars.
It is worth noting that four other former executives at FTX and related companies have also reached guilty pleas with U.S. prosecutors. These executives had hoped to secure lenient or no sentencing through their plea deals. However, each agreement allows for some degree of sentencing. Only FTX DM co-CEO Ryan Salame currently has a scheduled sentencing date, which is set for March 6, 2024.
Former FTX CEO Sam Bankman-Fried’s request for an adjourned sentencing hearing has been denied. The judge’s decision highlights the importance of timely preparation for legal proceedings and suggests that Bankman-Fried will need to face the consequences of his conviction in the near future. While the extent of his potential sentence remains uncertain, it is clear that the legal troubles surrounding FTX and its executives continue to unfold.
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